Hong Kong Stocks End The Week On A Low

Hong Kong stocks ended the week on a low note on Friday, surrendering the previous day's gains as US political turmoil weighed on sentiment.

The Hang Seng Index slipped 0.3 percent, to 25,954.

On the mainland, the Shanghai Composite Index rose 0.1 percent, to 2,932 while the Shenzhen Composite Index gained 0.9 percent, to end at 1,612.

Tokyo closed down 0.8 percent as many shares went ex-dividend and Seoul dropped 1.2 percent. Singapore, Malaysia and Taiwan retreated while Sydney rose 0.6 percent, one of the few Asian markets to see any gains.

On forex markets, the pound fell to US$1.2290 and HK$9.63 as a policy maker said the Bank of England may need to cut rates.

"The pound slipped back to two week lows against the US dollar in early trading on comments from Bank of England MPC member Michael Saunders who said that rate cuts might be needed even if the UK were to get a Brexit deal," said Michael Hewson, chief market analyst at CMC Markets UK.

"This is significant as Saunders has traditionally been a hawkish voice on the monetary policy committee."

Elsewhere, crude prices slipped following the swift recovery in Saudi production following attacks on its oil infrastructure two weeks ago.

Both main contracts were lower, with WTI down 0.1 percent and Brent off 0.3 percent.

"The market has been trading lower as oil bulls have been discouraged by quicker than expected return of Saudi oil output," said AxiTrader's Innes. (AFP)