Hong Kong Stocks Slip, Shanghai Continues Rally

Hong Kong stocks ended the morning session in negative territory after four days of gains, with energy firms hit by a plunge in oil prices.

The Hang Seng Index slipped 0.5 percent, to 28,810 by the break.

The benchmark Shanghai Composite Index gained 0.7 percent, 2,981 – having soared 5.60 percent on Monday – and the Shenzhen Composite Index added 1.2 percent, to 1,561.

Tokyo ended the morning down 0.2 percent.

Sydney sank more than one percent and Singapore was 0.6 percent off, with Seoul, Taipei and Wellington each 0.1 percent lower. Manila and Jakarta were flat.

On currency markets, the sterling rose further after a report that Prime Minister Theresa May is considering putting off the March 29 deadline for Britain to leave the European Union if she is unable to push her own deal through parliament, in a bid to avert a painful no-deal divorce.

"Following the report, a possibility emerged that the UK parliament and the government will move towards extending the deadline, and that sent the pound to the highest level since January against the dollar, and the highest against the yen this year," Mizuho Securities said in a commentary. (AFP)

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