Good Morning Sonny,
Yes, it appears that there was some very strong influences overnight as the Hong Kong market this time took its cue from us. It will be interesting today to see what follow through prevails or will the temptaion to take the profits and run be the sceario likely to unfold.
Tuesday December 2, 4:32 am Eastern Time
HK stocks roar ahead to end sharply up on Dow rise
HONG KONG, Dec 2 (Reuters) - Hong Kong stocks roared ahead to finish Tuesday trading sharply higher, propelled by the strong overnight close on Wall Street and the steady to easier local interest rates, brokers said.
The blue chip Hang Seng Index soared 465.47 points, or 4.33 percent, to close at 11,216.35, the highest in a month after it finished at 11,255.11 on November 3. Turnover rose to HK$13.87 billion from
HK$5.76 billion on Monday.
''The Dow's overnight rise is certainly a stimulus and the lowering local interbank rates also helped the market,'' said Alex Wong, research manager at OSK Asia Securities.
The Dow Industrials jumped 189.98 points, or 2.43 percent, to close on Monday at 8,013.11, the first time in six weeks that the index had closed above 8,000.
The three-month Hong Kong dollar deposit rate was at 8.50-9.50 percent in late afternoon versus 8.75-9.25 percent at the close on Monday. Overnight was steady at 4.00-4.50 percent.
Take care
Frank |
