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Hong Kong: Shares jump over 3% on global market bounce
[HONG KONG] Hong Kong stocks posted their best performance in five months on Monday with a jump of over three per cent, inspired by a surge in Japanese shares and Friday gains in US and European markets following last week's global equity sell-off.
Unexpectedly light losses in mainland China stock markets, which reopened after the week-long Lunar New Year holiday, also encourage some buying interest.
The benchmark Hang Seng index, which sank to 3-1/2 year lows on Friday, jumped 3.3 per cent, to 18,918.14 points.
The China Enterprises Index rallied 4.8 per cent, to 7,863.84 points, after sliding nearly seven per cent last week.
Both indexes posted their biggest one-day gain since Sept 9.
Shares rose across the board, with energy and financial shares among the biggest gainers.
Global banking giant HSBC surged 4.3 per cent after it decided to keep its headquarters in Britain.