HSI Ends The Week With Gain, Pound Under Pressure

Hong Kong stocks finished the week on a positive note on Friday, taking their cue from a Wall Street rally, with investors now looking ahead to fresh high-level China-US trade talks next week.

The Hang Seng Index rose 0.1 percent, to close at 29,113.

On the mainland, the Shanghai Composite Index gained 0.1 percent, to 3,104 while the Shenzhen Composite Index added 0.2 percent, to 1,700.

Dealers were treading warily as they weighed the effects of a stuttering China-US trade talks.

Tokyo ended 0.1 percent higher and Sydney added 0.5 percent, while Seoul gained 0.1 percent and Wellington jumped 1 percent.

Singapore, Taipei, Manila and Bangkok were also well up. But Mumbai and Jakarta were lower.

The next possible market-moving catalyst could be next week as top US officials head to Beijing on March 28-29 for a new round of trade talks, followed by a trip to Washington by China's top negotiator in April.

The sterling has come under pressure owing to the uncertainty in the past few days, falling to as low as US$1.3004 overnight on Thursday, though it has recovered slightly and is still maintaining its position.

But Oanda senior market analyst Jeffrey Halley remained wary.

"The investor community continues to price the pound as if a no-deal Brexit is not possible, looking for excuses to buy rather than sell," he said in a note.

"A close look at the text of the EU announcement suggests this is not a guaranteed outcome." (AFP)