Hong Kong Rumbles Higher, Asia Mixed

Shares in Asia-Pacific were mixed on Friday following heavy losses for some regional markets in the previous trading day, as investors continued to assess the impact of a potentially faster-than-expected policy tightening by the U.S. Federal Reserve.

In Japan, the Nikkei 225 index dipped 8.31 points to 28,478.56.

The Japanese yen traded at 115.91 per U.S. dollar, stronger than levels above 116 against the greenback seen yesterday

The Hang Seng index in Hong Kong popped 420.52 points, or 1.8%, to 23,493.38.

Hong Kong-listed shares of Shimao Group dropped 5.4% after Reuters reported that the developer defaulted on a trust loan.

Shares of other Chinese real estate companies listed in the city, however, saw gains: China Evergrande Group climbed 4.9% and Sunac jumped 4.1%.

The Australian dollar was at $0.7152 after yesterday’s drop from above $0.72.

In other markets

In China, the CSI 300 eked ahead 4.14 points, or 0.1%, to 4,818.23.

In Korea, the Kospi index jumped 34.36 points, or 1.2%, to 2,954.89.

In Taiwan, the Taiex index tumbled 198.16 points, or 1.1%, to 18,169.76.

In Singapore, the Straits Times Index gained 20.96 points, or 0.7%, to 3,205.26.

In New Zealand, the NZX 50 fell 12.35 points, or 0.1%, to 12,970.65.

In Australia, the ASX 200 hiked 95.03 points, or 1.3%, at 7,453.35.