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Asia: Hong Kong rallies on recovery measures
Mon, 01 Dec, 2008
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Asia: Hong Kong rallies on recovery measures
Mon, 13 Oct 2008, 06:37:00
Hong Kong's Hang Seng rose Monday, recovering from last week's rout, as markets digested a round of measures designed to sooth the current crisis. <br /><br />The Hang Seng index closed up 1,515 points at 16,312.<br /><br />Governments in Australia and New Zealand said they would guarantee all deposits with financial institutions to help shore up their financial markets. <br /><br />Real estate stocks recovered from recent losses. <b>SHK Properties</b> rose 7% while <b>Cheung Kong</b> jumped over 3%. <br /><br /><b>Sun Hung Kai Properties</b> rose after the government said all of its foreign reserves may be used to inject stability into the markets.<br /><br />Heavyweight lenders advanced. <b>ICBC</b> surged over 5% as did <b>China Construction Bank</b> and <b>Bank of China</b>. <b>China Merchants Bank</b> rose over 9%. <b>HSBC</b> also advanced.<br /><br />Insurance plays also recouped some of last week's steep losses with shares in <b>China Life</b> and <b>Ping An Insurance</b> both notching up significant gains. <br /><br />Energy related firms however continued to lose as the price of crude hit a 1-year low in New York Friday. <br /><br />Gold miner <b>Zijin Mining</b> fell over 4% as gold prices also skidded lower. <br /><br />The Nikkei is closed Monday for a public holiday. <br />
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