Hong Kong Stocks Rise As Crude Oil Prices Soar

Hong Kong shares reversed early losses to end Thursday on a high, with energy firms boosted by a surge in oil prices, though fears over the coronavirus outbreak are keeping traders on edge.

The Hang Seng Index added 0.8 percent, to 23,280.

On the mainland, the Shanghai Composite Index rose 1.7 percent, to 2,780 and the Shenzhen Composite Index jumped 2.3 percent, to 1,697.

Other Equity markets were mixed in Asia.

Tokyo ended down 1.4 percent, while Sydney and Kuala Lumpur shed 2 percent apiece and Singapore dropped 0.2 percent. There were also losses in Wellington and Manila.

But Seoul and Bangkok were up more than t2 percent. Jakarta put on more than 1 percent.

"With the global economy in freefall, markets have gone back to risk-off mode... as investors are struggling to look through President Trump's ominous forecast suggesting Americans could keep dying into June," said AxiCorp's Stephen Innes.

"Now the markets dispute to come up with some alphabet letters to analogise a potential economic recovery. Still, it's going to be anything but a 'V'-shape recovery. That's for sure."

He added that investors were currently a "bundle of nerves".

Crude rallied at least 10 percent after Beijing called on authorities to buy up the battered commodity to fill its reserves, helping ease supply pressure after demand fell off a cliff and producers ramped up output. (AFP)