Sun, Nov 17, 2019 - Page 14 News List

HK stocks cap worst week in three months on unrest

Reuters and Bloomberg

Hong Kong stocks gave back earlier gains to end flat on Friday, posting their worst week in more than three months, on concerns over persistent political unrest and uncertainty about a US-China trade deal.

The Hang Seng Index (HSI) was unchanged at 26,326.66, while the China Enterprises Index (HSCE) was flat at 10,424.80 points.

For the week, HSI fell 4.8 percent, while HSCE lost 4.2 percent, both posting their steepest weekly losses since the week of Aug. 2.

The Chinese and Hong Kong governments on Friday condemned an attack by a “violent mob” on Hong Kong Secretary for Justice Teresa Cheng (鄭若驊) in London, the first direct altercation between demonstrators and a government minister during months of often violent protests.

Hong Kong was on Friday expected to confirm that it plunged into recession for the first time in a decade, amid concerns the economy could be in even worse shape than feared as months of anti-government protests take a heavy toll.

The MSCI Asia-Pacific rose 0.6 percent to 164.41, but was down 1 percent for the week.

The weighted index on the Taiwan Stock Exchange on Friday ended up 75.18 points, or 0.66 percent, at 11,525.60, down 0.5 percent for the week.

Japan’s TOPIX rose 0.7 percent at the close in Tokyo, but was down 0.4 percent for the week. The Nikkei also rose 0.7 percent on the day, but was down 1 percent for the week.

In South Korea, the KOSPI gained 1.1 percent on Friday to the highest since May.

The S&P BSE SENSEX on Friday rose 0.2 percent to 40,356.69 in Mumbai, clocking its longest weekly winning streak since the end of September. The NIFTY 50 added 0.2 percent on Friday, but was down 0.3 percent on the week.

The Philippine Stock Exchange was virtually unchanged on Friday, but was down 1.7 percent for the week.

The Kuala Lumpur Stock Exchange was little changed on Friday, falling 1 percent for the week.

Australia’s S&P/ASX 200 on Friday added 0.9 percent, bringing its weekly gain to 1 percent.

Additional reporting by staff writer and CNA

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