Local Stocks End The Day In Negative Territory

Hong Kong stocks ended Monday in the red, while Asian stocks were mixed, as investors turned their attention to the US Federal Reserve's latest policy meeting and earnings from corporate giants.

The Hang Seng Index made early gains, but couldn’t hold on and closed down 0.4 percent, or 125 ponits, at 28,952.

Market turnover was HK$147.5 billion.

Investors had their eyes on a Fed policy meeting later this week, where officials are expected to iron out plans to spur economic recovery in the world's biggest economy.

They are also keeping an eye on earnings reports from Wall Street giants including Tesla, Starbucks, Facebook and Apple, which will indicate where the global economy is headed.

Across the border, the benchmark Shanghai Composite Index fell around 1 percent, while Shenzhen slipped 0.8 percent.

Trading floors across Asia remained jittery amid spiking Covid-19 infections in the region, in places like India, Thailand and Japan.

In Tokyo, the Nikkei added 0.4 percent. Japan Airlines rallied 4.6 percent following reports that it is moving to purchase Chinese low-cost carrier Spring Airlines, aiming to capitalise on demand from mainland tourists after the pandemic is over.

Honda rose almost 1.8 percent after announcing that it will aim to produce only electric or fuel cell vehicles by 2040.

Shares in Seoul rose almost 0.1 percent, Taiwan put on almost 1.6 percent and Singapore ended the day almost half a percent higher.

Sydney lost 0.2 percent and Jarkarta shed 0.9 percent.