Hong Kong stocks ended sharply higher Monday, after the Chinese central bank announced a surprise rate cut Friday night.
Markets in Japan were shuttered for a holiday
In Hong Kong, the Hang Seng index galloped ahead 456.02 points, or 2%, to 23,893.14
Among major banks, China Minsheng Banking Corp., Ltd. climbed 3.9%, China Merchants Bank Co., Ltd. advanced 3.2%, and Industrial and Commercial Bank of China Ltd. rose 2.4%.
Property shares gained even more, with China Vanke Co., Ltd. soaring 13.3%, China Overseas Land & Investment Ltd. surging 11%, Country Garden Holdings Co. Ltd. spiking 10.5%, China Resources Land Ltd. leaping 10.4%, and Poly Property Group Co. Ltd. improving 8.8%.
Many other blue chips also headed higher, with telecoms giant China Mobile Ltd. up 2.2%, online major Tencent Holdings Ltd. rising 1.1%, and lender HSBC Holdings PLC underperforming the Hang Seng Index with a 0.6% gain.
CHINA
Shanghai’s CSI 300 index hiked 65.80 points, or 2.6%, to 2,649.26
The People’s Bank of China’s reduction of the benchmark one-year deposit and lending rates -- by 25 basis points and 40 basis points, respectively -- sent shares of mainland Chinese banks and property developers both sharply higher.
In other markets;
Singapore’s Straits Times Index dipped 4.79 points, or 0.1%, to 3,340.53
The Taiex index in Taiwan added 30.80 points, or 0.3%, to 9,122.33
Korea’s Kospi index gained 13.70 points, or 0.7%, to 1,978.54
New Zealand’s Exchange 50 subtracted 24.13 points, or 0.4%, to 5,471.76
Australia’s S&P/ASX 200 recovered 57.50 points, or 1.1%, to 5,361.80.
