Business News
LEAD: Hong Kong stocks surge 5.63 per cent as China eases lending
Dec 1, 2011, 8:59 GMT
Hong Kong - Hong Kong stocks jumped by 5.63 per cent Thursday following strong overnight gains on Wall Street and the easing of lending restrictions in China.
The blue-chip Hang Seng Index gained 1,012.91 points to close at 19,002.26 points. Turnover was a hefty 97 billion Hong Kong dollars (12.47 billion US dollars).
The Hong Kong market outperformed other regional markets as it was boosted by a double dose of good news: Progress on European debt and positive news for Chinese stocks.
Chinese banks listed in Hong Kong were the day's best performers, with the Industrial and Commercial Bank of China Limited rising 10.67 per cent and the Bank of China Limited up 10.37 per cent.
The gains follow advances overnight in European stock markets and on Wall Street after major central banks agreed cheaper loans for struggling European banks.
China stocks also rose strongly on the news after markets closed Wednesday that Beijing had cut the reserve requirement ratio for commercial lenders for the first time in three years.
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