Asia-Pacific markets end mixed as global coronavirus infections reach 1 million and US weekly jobless claims hit 6.6 million
- HSBC sees third day of losses over dividend cancellation
- Hang Seng, Shanghai benchmarks decline
Asia-Pacific investors were cautious Friday, with stock markets finishing mixed as US weekly jobless claims hit 6.6 million and the world’s coronavirus infections topped 1 million.
The virus continues its destructive path, with nearly 53,000 dead around the world. About one-third of humankind is under lockdown due to the virus, which has upended supply chains and businesses, led to major job losses and shattered consumer buying habits.
The Hang Seng Index finished with a small loss of 0.2 per cent, weighed down by HSBC. For the full week, it finished with a 1 per cent loss.
HSBC fell 2.6 per cent Friday, as investors continuing to flee after it said it was cancelling its dividend. Over three sessions, it lost more than 14 per cent.
“HSBC is still going south, that is the most important thing driving sentiment,” said Louis Tse Ming-kwong, managing director of VC Asset Management. The cancellation of dividends “encouraged investors to switch out of HSBC to other high dividend yield local blue chips.”