Hang Seng Index Reverses Course, Pound Edges Up
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2019-03-13 HKT 09:48
Hong Kong shares ended the first session on Wednesday in the red as investors cashed in after a healthy two-day rally, while they await the latest developments in the China-US trade talks.
The Hang Seng Index slipped 0.6 percent, to 28,752 by the break.
On the mainland, the Shanghai Composite Index was down 0.4 percent, to 3,049 while Shenzhen market was down 0.6 percent, to 1,685.
Tokyo ended the morning 1.4 percent lower, while Sydney shed 0.6 percent. Seoul fell 0.9 percent, Singapore was off 0.7 percent and Wellington retreated 0.3 percent with Manila and Jakarta also taking a hit.
With very little news coming out of Beijing and Washington regarding the trade talks, investors are moving to the sidelines until there is something concrete to buy on.
"Until the world's two largest economies conclude an agreement ... it will be difficult to gauge a clearer picture of the global economy in 2019," said Oanda senior market analyst Jeffrey Halley.
"The outcome of the trade talks – and perhaps the US-eurozone will likely follow – will dictate whether we will gently roll down the slope or off the edge of the cliff."
The pound edged up after the sharp losses sparked by Theresa May's Brexit deal being tossed out by MPs.
Sterling saw wild fluctuations on Tuesday as it hit a near two-year high on news the prime minister had won a last-minute revision to her agreement with the EU, then tanked to a three-week low as it was rejected later in the day at Westminster. (AFP)
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Last updated: 2019-03-13 HKT 12:41
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