HSI Ends The Week On A Low, Mumbai Soars

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2019-09-20 HKT 16:28

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  • Hong Kong investors were bogged down by ongoing protests. File photo: RTHK

    Hong Kong investors were bogged down by ongoing protests. File photo: RTHK

Hong Kong stocks ended the week with another loss on Friday as investors fret over the impact of weeks of sometimes violent protests on the city's economy.

The Hang Seng Index slipped 0.2 percent, to 26,435.

On the mainland, the Shanghai Composite Index gained 0.2 percent, to 3,006 and the Shenzhen Composite Index added 0.2 percent, to 1,675.

Tokyo closed 0.2 percent higher. Sydney gained 0.2 percent as investors grow optimistic the Australian central bank will cut interest rates again at its next policy meeting.

Seoul rose 0.5 percent and Taipei added 0.3 percent. Singapore edged up 0.1 percent and Wellington put on 0.3 percent.

Mumbai soared more than 5 percent after the government said it would slash corporate taxes from 30 percent to 22 percent in an effort to boost the sagging economy.

Finance Minister Nirmala Sitharaman said the new rates would be "comparable with the lowest tax rates in South Asian region and in Southeast Asia".

On currency markets, the pound resumed its upward move after European Commission President Jean-Claude Juncker said he thought a Brexit deal could be reached if Prime Minister Boris Johnson could come up with a viable alternative to the "Irish backstop" that has held up talks.

"This presents a significant shift of position by the commission which until recently had refused point blank any prospect that the withdrawal agreement could be changed," said Michael Hewson, chief market analyst at CMC Markets UK.

The pound traded at US$1.2523 and HK$9.83 in Asia on Friday. (AFP)