HSI Gains As US-Iran Spat Pushes Up Oil Prices

Hong Kong stocks closed higher on Thursday, in line with gains across Asia and on Wall Street as oil prices extended their rally, though concerns over the economic outlook continue to cloud investor sentiment.

The Hang Seng Index added 0.4 percent, to 23,977.

Across the border, the Shanghai Composite Index dipped 0.2 percent, to 2,838 while the Shenzhen Composite Index lost 0.5 percent, to 1,763.

Most Asian markets enjoyed a welcome advance. Tokyo, Mumbai and Jakarta were all more than 1 percent higher, while Seoul put on 1 percent.

Taipei, Singapore, Manila, Bangkok and Wellington were also higher, though Sydney both slipped slightly.

Oil extended gains in the afternoon trade, with WTI climbing more than 14 percent at one point and Brent adding almost 12 percent before easing slightly.

The surge came after a tough week on oil markets, with WTI for May delivery crashing below US$0.00.

Phillip Futures cited "heightened risk in the Middle East" after US President Donald Trump said on Twitter he had "instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea". (AFP)