Asian markets down while Hong Kong jumps

Investors were looking to capitalise on the Stock Connect scheme with Shanghai.

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By :  ,  Financial Analyst

Asian stocks were mostly down today (April 9th) while Hong Kong rocketed for a second consecutive day as investors seek to capitalise on the Stock Connect scheme with Shanghai.

The Shanghai-Hong Kong Stock Connect is a pilot programme that links the stock markets in Shanghai and Hong Kong. Investors in Hong Kong and mainland China can trade and settle shares listed on the other market via the exchange and clearing house in their home market.

The Hang Seng Index closed up 2.7 per cent at 26,944.39, after a 3.80 per cent hike yesterday. Stocks in Hong Kong could go higher, Credit Suisse told MarketWatch, given that the Hang Seng Index is still a "fair value" at 11 times price-to-earnings.

Meanwhile, Asian shares retreated after minutes from the US Federal Reserve showed policymakers were split about when to raise interest rates. Tokyo rose 0.75 per cent to 19,937.72, Sydney lost 0.48 per cent to close at 5,932.20 and Seoul edged down 0.39 points to 2,058.87.

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