HSI Gains As Korean Summit Lifts Asian Markets

Hong Kong shares finished the week with gains on Friday, with energy firms rallying in line with oil prices, while investors were also given a strong lead from Wall Street.

The Hang Seng Index added 0.9 percent, to close at 30,280.

On the mainland, the Shanghai Composite Index rose 0.2 percent, to 3,082, and the Shenzhen Composite Index gained 0.3 percent, to 1,776.

Seoul's Kospi was among the best performers Friday and the won strengthened as the leaders of North and South Korea held a historic summit, while other Asian markets also enjoyed gains following a US rally.

With hopes for a positive outcome from the meeting – the first between the countries' leaders since 2007 – Seoul stocks rose 0.7 percent in early trade, while the won climbed 0.4 percent against the US dollar.

"Of course we should always be on guard for a negative development... but as far as we can tell from the recent remarks by North Korea, the summit will be reconciliatory," said Makoto Sengoku, market analyst at Tokai Tokyo Research Institute.

Tokyo gained 0.7 percent, Sydney put on 0.7 percent and Singapore was 0.2 percent higher. Wellington added more than 1 percent while there were also healthy gains in Taipei, Manila and Bangkok. (AFP)