HSI Ends The Week In Red, Mainland Markets Soar

Hong Kong stocks slipped on Friday on uncertainty about the prospects for a new US stimulus, while mainland markets rallied as investors returned from their long Golden Week holiday.

The Hang Seng Index slipped 0.3 percent, to 24,119.

But the benchmark Shanghai Composite Index rose 1.7 percent, to 3,272 while the Shenzhen Composite Index jumped 3.1 percent, to 2,215.

Most Asian markets drifted on uncertainty about the chances of a fresh US stimulus package as talks for a broader agreement appeared to be back on.

Tokyo, Singapore, Manila, Jakarta and Bangkok were slightly lower, while Sydney was barely moved. Wellington and Mumbai were slightly higher.

But observers said with Democrats and Republicans about US$600 billion apart in the proposals, there was little expectation a deal will be reached before the November 3 polls.

"We are pretty sceptical that you'll see anything before the election," Libby Cantrill, at Pacific Investment Management, told Bloomberg TV. "We probably won't see any additional support for the economy until January 2021 maybe at the earliest." (AFP)