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NewsHong Kong: Stocks jump 1.7pc on bullish leads from the US
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Hong Kong: Stocks jump 1.7pc on bullish leads from the US
by hlk Thu 01 Sep 2011, 13:43
SHARES ended 1.71 per cent higher yesterday after a rally on Wall Street sparked by better-than-expected US spending data.
The benchmark Hang Seng Index rose 339.06 points to 20,204.17.
The US Commerce Department said on Monday that consumer spending, a pillar of the world's largest economy, rebounded 0.8 per cent in July, after a 0.1 per cent dip in June, the fastest pace since February.
That added to upbeat sentiment after US Federal Reserve chief Ben Bernanke said the central bank would not ease monetary policy any further but would leave the door open for possible action in the future. That raised optimism of more stimulus measures.
Bank of China rose 2.3 per cent to HK$3.17, while China Construction Bank rose 1.8 per cent to HK$5.65. China Construction Bank had earlier hit a high of HK$5.83 on news troubled US financial giant Bank of America was to sell roughly half of its 10 per cent stake for about US$8.3 billion. - AFP
The benchmark Hang Seng Index rose 339.06 points to 20,204.17.
The US Commerce Department said on Monday that consumer spending, a pillar of the world's largest economy, rebounded 0.8 per cent in July, after a 0.1 per cent dip in June, the fastest pace since February.
That added to upbeat sentiment after US Federal Reserve chief Ben Bernanke said the central bank would not ease monetary policy any further but would leave the door open for possible action in the future. That raised optimism of more stimulus measures.
Bank of China rose 2.3 per cent to HK$3.17, while China Construction Bank rose 1.8 per cent to HK$5.65. China Construction Bank had earlier hit a high of HK$5.83 on news troubled US financial giant Bank of America was to sell roughly half of its 10 per cent stake for about US$8.3 billion. - AFP
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