HSI Flat At Noon Break, Energy Stocks Hit Again

Hong Kong stocks ended the morning barely moved on Friday as investors recovered from an early sell-off, with attention on the release of US jobs data later in the day.

The Hang Seng Index inched down just over six points, to 29,937 by the break.

Mainland markets were closed for a public holiday. Most other Asian markets limped into the weekend, with energy firms again taking a hit from a plunge in oil prices.

Singapore gave up 0.5 percent and Seoul sank 0.8 percent with Wellington and Jakarta also lower. However, Sydney and Taipei edged up slightly while Manila rallied 0.8 percent.

Observers said there may have been some caution setting in after a report suggesting the long-running trade talks between China and the United States had hit a snag.

Energy firms were once again in the firing line, dropping in tandem with crude prices owing to worries about rising supplies and falling demand.

Hong Kong-listed CNOOC dived more than 2 percent and PetroChina almost 1 percent, while Woodside Petroleum shed 1.1 percent in Sydney and Santos sank 2 percent.

"Expectations are dwindling that Opec+ will be able to deliver on any extension on production cuts," said Edward Moya, senior market analyst at Oanda.

"Even if they do show optimism at the next ... meeting on May 17th, many will not expect an extended cut agreement to have the same effect as the first one. Right now the path of least resistance for oil remains to the downside." (AFP)

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