HK Stocks End With Losses Despite Bright Start

Hong Kong shares ended with losses on Wednesday as investors brushed off a record performance on Wall Street, with energy firms taking a hit from a drop in oil prices.

The Hang Seng Index fell 0.5 percent, to close at 29,805.

On the mainland, the Shanghai Composite Index edged up 0.1 percent, to 3,201 and the Shenzhen Composite Index jumped 1.1 percent, to 1,747.

Most other Asian markets rose following the New York rally that was fuelled by strong earnings from US big-hitters, but investors held back from firing a full-on rally.

Singapore put on 0.2 percent and Sydney jumped 1 percent as a drop in Australian inflation raised the chances of an interest rate cut by the country's central bank. The reading sent the Australian dollar plunging more than 1 percent.

There were also positive performances in Wellington, Taipei, Manila, Mumbai and Bangkok.

However, Tokyo finished 0.3 percent off with Seoul 0.9 percent lower.

On oil markets, both main contracts were in retreat a day after hitting six-month highs on the back of news that Washington would end a waiver for several countries from US sanctions on Iran.

Prices had already been surging thanks to hopes for the China-US talks and for an output cap by Opec and Russia. Unrest in Libya and Venezuela further propped up prices. (AFP)