Hong Kong And Shanghai Stocks End With Gains

Hong Kong stocks closed with gains on Friday, ending a tough week for the Hang Seng Index, which was hit by China-US tensions as well as a flare-up of Covid-19 infections in the city leading to new containment measures.

The Hang Seng Index added 0.5 percent, or 118 points, to 25,089.

Cathay Pacific fell around 1 percent after the flagship carrier issued a profit warning saying it expects to record a loss of almost 10 billion dollars for the first half of this year.

Its parent company Swire also plunged 2 percent.

The benchmark Shanghai Composite Index edged up 0.1 percent, or 4 points, to 3,214 after plunging more than four percent on Thursday, while the Shenzhen Composite Index on China's second exchange gained 0.7 percent, or 14 points, to 2,158.

Most Asian markets edged up following an across-the-board sell-off the previous day, but disappointing recent data has jolted optimism over the economic recovery that has helped drive gains for the past few months.

Mumbai rose 0.7 percent, despite news that India had become the third country to record more than a million cases of Covid-19, while lockdowns are put in place in several regions.

Sydney added 0.4 percent and Seoul climbed 0.8 percent. Taipei, Bangkok and Wellington also edged up but there were losses in Manila, Singapore and Jakarta. Tokyo finished 0.3 percent lower. (AFP)