Asian markets mostly rose on Friday, but gains were limited as US lawmakers struggled to hammer out a fresh economic rescue package, while investors were largely unmoved by the last US presidential debate before next month’s election.
Equities have swung back and forth over the past week as the saga of the stimulus discussions keeps traders on their toes, although observers believe a bill is increasingly unlikely to be passed before the Nov. 3 vote.
US House of Representatives Speaker Nancy Pelosi said that both parties “continue to be engaged in negotiations, and I am hopeful we will be able to reach an agreement,” but she added that opposition to a massive spending plan from Republicans in the US Senate posed a huge hurdle.
“Both sides remain at the stimulus negotiating table as neither benefits from pulling away,” AxiCorp Financial Services Pty chief global markets strategist Stephen Innes said.
With talks still grinding along on Capitol Hill, focus was on the stand-off between Trump and former US vice president Joe Biden, the Democratic presidential candidate.
“The ... debate was less chaotic than the first, but offered little new information to inform the result for markets. Meanwhile, discussion relevant to the post-election economic outlook was limited, particularly from President Trump,” Innes said.
In Taipei on Friday, the TAIEX closed down 18.21 points, or 0.14 percent, at 12,898.82, after moving between 12,875.23 and 12,963.26, on turnover of NT$151.655 billion (US$5.24 billion). It gained 1.16 percent from a week earlier.
Hong Kong stocks closed higher to post their fourth consecutive weekly advance, underpinned by heavyweight financial firms, although gains were checked by uncertainties such as the US election.
At the close of trade, the Hang Seng Index was up 132.65 points, or 0.54 percent, at 24,918.78. It rose 2.18 percent for the week.
Japan’s Nikkei 225 picked up 0.18 percent to 23,516.59 and gained 0.45 percent from a week earlier.
In Seoul, the KOSPI edged 0.24 percent higher to 2,360.81 and recorded a weekly increase of 0.82 percent.
China’s Shanghai Composite index slipped 1.04 percent to 3,278, losing 1.75 percent for the week.
In Australia, the S&P/ASX 200 declined 0.11 percent to 6,167 and lost 0.16 percent for the week.
Additional reporting by AP, Reuters and CNA with staff writer
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