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Hong Kong gains, other Asia stocks mixed as traders weigh vaccine hopes, gradual reopening against coronavirus turmoil
- HSBC’s first-quarter net profit plunges 48 per cent; China Literature soars after management shakeup
- Asia markets set for monthly gain for the first time this year
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Hong Kong stocks gained while other Asia-Pacific markets were mixed, as investors acknowledged progress in the global fight against the coronavirus but remained cautious amid a painful earnings period and ahead of holidays and the uncertainties they may bring.
The Hang Seng Index finished ahead by 1.2 per cent. Investors digested worse-than-expected results from embattled HSBC. It reported a 48 per cent slide in first-quarter net profit, but the stock advanced modestly.
Tencent-controlled China Literature soared as it shook up its senior management team, which Jefferies analysts called a milestone as it heads into “a new phase of development deepening collaboration with Tencent.” (For in-depth coverage of Hong Kong and mainland markets, see the Stocks Blog.)
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China markets were mixed, as regulators fast track initial public offerings on the start-up board ChiNext.
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Meanwhile, China’s biggest banks are halting the trade of new investment products and exchange-traded funds (ETFs) tied to commodities futures after retail investors lost billions when US benchmark World Texas Intermediate (WTI) crude oil futures fell below zero for first time last week. WTI futures were down nearly 20 per cent, after plunging 25 per cent on Monday.
The Shanghai Composite Index finished down 0.2 per cent, while the CSI 300 Index of large caps traded in Shanghai and Shenzhen rose 0.7 per cent.
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