Hong Kong Stocks Drop To Snap Seven-day Win Streak

Hong Kong stocks fell on Thursday as profit-takers moved in after a seven-day rally, though investors remain upbeat about the chances of success in the China-US trade talks.

The Hang Seng Index dipped 0.17 percent, or 50 points, to close at 29,936.

But the benchmark Shanghai Composite Index jumped 0.94 percent, or 30 points, to 3,246, while the Shenzhen Composite Index, which tracks stocks on the mainland’s second exchange, added 0.45 percent, or 7 points, to 1,780.

Elsewhere in Asia, Sydney was off 0.8 percent, Wellington dropped 0.5 percent and Manila fell 0.7 percent.

However, Tokyo ended 0.1 percent higher and Shanghai jumped 0.9 percent, while Singapore and Seoul each added 0.2 percent.

Mumbai was flat, while India's rupee fell 0.6 percent after the central bank cut interest rates for the second time this year, a week ahead of a general election and with the economy stuttering.

Asian investors were given a positive lead from Wall Street, although gains there were tempered by data showing private US firms hired new staff at their slowest pace for 18 months in March.

The below-forecast reading comes days before the release of key government figures, which are closely watched for an idea about the state of the US economy.

In London, Prime Minister Theresa May met opposition Labour leader Jeremy Corbyn on Wednesday for crisis talks on resolving the Brexit crisis with just over a week to go before Britain is due to leave the European Union.

At the same time MPs voted by the narrowest margin for draft legislation that would force the government to seek to delay Brexit beyond the April 12 deadline.

The developments supported the pound but parliament remains divided with hardliners fearing a "soft" divorce will leave Britain still linked to the bloc.

In early trade London's FTSE fell 0.6 percent, Paris shed 0.2 percent and Frankfurt was off 0.3 percent. (AFP)