Asian markets mostly higher; pound weaker as exit poll points to hung UK parliament

Asian Market 1

The pound weakened on Friday in Asia in volatile trade on the ebb and flow of actual results and an exit poll suggested a hung parliament in the U.K. after Thursday’s election, with regional indexes mostly higher.

An exit poll showed U.K. Prime Minister Theresa May’s Conservative Party might have lost its parliamentary majority, winning just 314 seats of the 326 seats required for a majority. The poll also showed that the Labour Party would secure 266 seats.

Asian markets appeared to mostly shrug off the political uncertainty in the U.K.

Japan’s Nikkei 225 rose 0.74 percent and the Kospi gained 0.59 percent. Australia’s benchmark S&P/ASX 200 index climbed 0.02 percent higher.

The Hang Seng Index was up 0.05 percent in early trade while markets on mainland China traded in the red. The Shanghai Composite was down by 0.11 percent and the Shenzhen Composite was off by 0.042 percent.

 

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