HSI Ends The Week With A Slide, Oil Prices Rise

Hong Kong stocks ended a tough week on a negative note on Friday, in line with losses across Asia as the extent of the painful economic impact from the coronavirus crisis becomes apparent.

The Hang Seng Index slipped 0.6 percent, to 23,831.

On the mainland, the Shanghai Composite Index dropped 1.1 percent, to 2,808 while the Shenzhen Composite Index lost 1.5 percent, to 1,736.

Tokyo stocks ended 0.9 percent lower, while Singapore slipped 0.9 percent.

Seoul and Jakarta fell more than 1 percent, while Mumbai dropped 0.5 percent. Taipei and Bangkok fell 0.2 percent apiece, and Wellington was off 0.3 percent.

Manila sank more than 2 percent as the Philippines government extended a lockdown in the capital.

While stock markets were struggling, oil was enjoying another day of gains, with WTI up more than 7 percent at one point, having surged around 20 percent on Thursday on the back of a new flare-up between Washington and Tehran.

However, the gains in crude were unlikely to be sustained, observers warned, as storage facilities are near to bursting with demand almost non-existent – a situation that sent the May contract for WTI to minus US$40 this week.

"There is little in the way of fundamental developments to support the move higher, although given the amount of weakness recently, we were due a relief rally," said Warren Patterson and Wenyu Yao at ING.

"Renewed tensions between the US and Iran will likely be providing some support, but... this will likely be short-lived unless we see a further escalation." (AFP)