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Hong Kong stocks jump 3.44% on Wall Street upsurge

(Xinhua)
Updated: 2009-03-24 16:38

Hong Kong stocks posted for a huge rally for two consecutive days on Tuesday by surging 462.92 points, or 3.44 percent, to close at 13,910.34, boosted by the prices upsurge of Wall Street overnight.

The benchmark Hang Seng Index advanced 325.75 points, or 2.42 percent, to open at 13,773.17 and softened to the day's lowest 13, 538.16 in the morning session.

Market sentiment turned optimistic in Hong Kong after the US Treasury unveiled its plan to help troubled banks deal with their toxic assets, sending the index up by as much as 505.56 points, or 3.76 percent, to the day's highest 13,952.98 before closing.

Turnover soared to HK$63.87 billion from Monday's HK$55.31 billion ($7.14 billion).

Trading of market heavyweight HSBC remained very active with heavy turnover. HSBC, which accounts for the largest weighting of the benchmark Hang Seng Index, surged 9.83 percent to HK$45.8 with a turnover of HK$48.13 billion ($6.22 billion), lifting the index by 218.19 points alone.

HSBC's offering rights rocketed 32.27 percent to close at HK$17.46, compared with its offering price of HK$28.

Another market heavyweight China Mobile, the market's largest stock by capitalization and the country's largest mobile phone operator, rose 1.59 percent to HK$67.25.

Chinese banks and insurers extended their gains on Tuesday after posting huge rallies Monday. ICBC, China 's largest lender, added 0.57 percent to HK$3.54. Bank of China rallied 2.15 percent to HK$2.38 ahead of its annual reports after market was closed. China Construction Bank gained 1.57 percent to HK$4.52. Bank of Communications jumped 4.04 percent to HK$5.41. China Merchants Bank leaped 3.64 percent to HK$13.68.

China Life, the country's largest insurer, moved up 0.59 percent to HK$25.8. Ping An, China's second largest insurance company behind China Life, rose 4.44 percent to HK$49.35.