By Laura He, MarketWatch Other major Asian markets end broadly
higher
HONG KONG (MarketWatch) -- Hong Kong stocks ended sharply higher
Monday, after the Chinese central bank announced a surprise rate
cut Friday night.
The Hang Seng Index jumped 2%, while the Hang Seng China
Enterprises Index or "H-share index" rallied 3.8%.
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.
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.
On the Chinese mainland, the Shanghai Composite Index finished up 1.9%.
Other major Asian markets also posted solid gains. Australia's
S&P/ASX 200 closed up 1.1%, while South Korea's Kospi Composite
Index settled 0.7% higher. Japan markets were closed Monday for a
public holiday.
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