Hong Kong, Shanghai Rise Despite Wall Street Rout

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2020-09-11 HKT 17:52

Share this story

facebook

  • Despite strong finish by some markets, an analyst says the political bickering in Washington can put the economic recoveries in danger. Image: Shutterstock

    Despite strong finish by some markets, an analyst says the political bickering in Washington can put the economic recoveries in danger. Image: Shutterstock

Hong Kong shares rallied on Friday as investors brushed off another sharp drop on Wall Street to go bargain-buying following recent losses.

The Hang Seng Index climbed 0.8 percent, to 24,503.

On the mainland, the Shanghai Composite Index rose 0.8 percent, to close at 3,260 while the Shenzhen Composite Index jumped 1.6 percent, to 2,164.

Despite the US sell-off overnight, Asian investors pushed some local markets higher, with Tokyo, Shanghai, Mumbai and Seoul all up.

Manila put on 1 percent and Jakarta surged more than 2 percent a day after losing 5 percent on news of fresh containment measures in the city.

But Sydney, Taipei, Singapore, Wellington and Bangkok fell.

The political bickering in Washington over a second round of much needed help for Americans continued to cast a shadow on the markets.

Capitol Hill has been bickering over the deal for months, even after emergency cash handouts to the most needy ran out last month, putting millions in financial crisis.

Stephen Innes at AxiCorp pointed out that with US consumers – the crucial driver of the world's top economy – unable to spend, the recovery was in danger of coming off the rails.

"With services making up around two-thirds of overall spending, the recovery in this part of the economy is crucial if the US economy hopes to strongly finish the year," he said.

"With 28 million people needing this check to put food on their table, the fall in consumer spending is leaking into every part of the economy, be it staples, gasoline, or evictions, it's starting to show up in the demand picture.

"Forget about high-tech and US$2,000 mobile phones; this is about families going hungry." (AFP)

RECENT NEWS

US Stocks Rise On Hopes Of Pause In Rate Increases

Wall Street stocks finished solidly higher on Thursday, reflecting better sentiment on the US economy and a consensus vi... Read more

China's Financial Risks 'controllable': Regulators

The head of the National Financial Regulatory Administration on Thursday told a high-profile forum in Shanghai that the ... Read more

Banks Cut Yuan Deposit Rates, Could Boost Consumption

China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pre... Read more

Cheese And Wine Put EU, Australia Deal In Peril

Australia on Thursday threatened to walk away from a blockbuster free trade deal with the European Union unless its prod... Read more

US Stocks End Mixed As Tech Shares Are Sold Off

Gains by industrial companies lifted the Dow on Wednesday, while weakness among technology shares pushed the Nasdaq deci... Read more

Amazon 'plans Prime Video Streaming Service With Ads'

Amazon.com is planning to launch an advertising-supported tier of its Prime Video streaming service, the Wall Street Jou... Read more