Hong Kong Stocks Jump On Tech, Energy Sector Boost

Hong Kong stocks closed the week with a strong rally on Friday, with energy firms tracking a rise in oil prices and the technology sector boosted by healthy earnings from top US firms.

The Hang Seng Index jumped 1.7 percent, to end at 27,569.

On the mainland, the Shanghai Composite Index added 0.4 percent, to close at 2,601 but the Shenzhen Composite Index dipped 0.2 percent, to 1,319.

Other major Asian markets also rose as investors look ahead to crucial trade talks between China and the United States at the end of the month.

There are hopes that next week's meeting in Washington between top Chinese and US officials will see some progress, but Commerce Secretary Wilbur Ross looked to temper expectations on Thursday by saying the two sides are "miles and miles" from resolving their trade war.

Edward Moya, a market analyst at Oanda, pointed out that US markets were niggled by the "miles away" comment, but said that "many failed to focus on the rest of his comments that there is a fair chance a deal will get done, just not this week".

In afternoon trade Hong Kong rose more than one percent and Shanghai ended up 0.4 percent while Tokyo closed 1 percent higher.

Sydney jumped 0.7 percent, Singapore gained 0.5 percent and Seoul was 1.5 percent higher. Taipei was 0.9 percent up, while Manila, Wellington and Jakarta also made healthy advances. (AFP)