Bargain Hunting Boosts Hong Kong, Japanese Stocks

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2018-03-26 HKT 16:36

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  • The steep fall of share prices last week lured in the bargain hunters. File photo: RTHK

    The steep fall of share prices last week lured in the bargain hunters. File photo: RTHK

Hong Kong shares reversed course in late afternoon trading on Monday as bargain hunters moved in, but traders continued to fret over a possible trade war as Donald Trump presses on with his protectionist agenda.

The Hang Seng Index added 0.8 percent, to end at 30,548.

On the mainland, the Shanghai Composite Index lost 0.6 percent, to 3,133, but the Shenzhen Composite Index rose 1.3 percent, to 1,790.

Most other Asian markets remained in the red and adding to the negative sentiment was news that Trump had installed a hardline hawk, John Bolton, as his national security adviser, stoking geopolitical worries.

But late bargain-hunting lifted Japanese stocks but investors were cautious ahead of key testimony in parliament by a former finance ministry official on Tuesday over a political scandal that has dented Prime Minister Shinzo Abe's popularity.

The benchmark Nikkei 225 index, which dived 4.5 percent on Friday, gained 0.7 percent to close at 20,766.

Sydney gave up 0.5 percent. Wellington, Singapore, Manila and Jakarta were also down.

Seoul also climbed 0.8 percent as it emerged that South Korea and the United States have reached an understanding on revising their free-trade agreement and on steel tariffs.

Fears of a trade war continue to weigh on the dollar, which was stuck below 105 yen -- its lowest level since November 2016 when Trump was elected.

The weaker dollar sent oil prices surging Friday as it makes the commodity cheaper for anyone holding other currencies.

Adding upward pressure on oil was speculation that Bolton will press Trump to tear up the Iran nuclear deal, which could spark turmoil in the Middle East. (AFP)

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