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Thursday January 7, 12:11 am Eastern Time
(Note: this article is ''in progress''; there will likely be an update soon.)
HK blue chips surge to end morning sharply higher
HONG KONG, Jan 7 (Reuters) - Hong Kong stocks roared ahead to end Thursday morning sharply up as foreign funds picked up blue chips, encouraged by interest rate cut hopes and a record-setting rally on Wall Street, brokers said.
The Hang Seng Index jumped 439.51 points, or 4.29 percent, to 10,673.31 after hitting a session high of 10,716.27.
In the broader market, advances outpaced declines 294 to 193 with 458 issues unchanged.
''The market was pretty strong this morning and there is talk that European funds are buying in the market,'' said Michael Ng, deputy managing director at Sassoon Securities.
Turnover was at HK$6.39 billion at the midsession close, almost double Wednesday's full day volume of HK$3.40 billion.
The Dow industrials set a new high of 9,562.22 before closing up 2.51 percent at 9,544.97 on Wednesday, and stocks in the Asian region were mostly higher, Ng said.
''An easing interest rate trend in Hong Kong also contributes to the market's rally today,'' he said.
The Hong Kong Association of Banks was expected to announce a 25 basis point cut in deposit interest rates after its weekly meeting on Friday, brokers said.
Banks lowered deposit rates by 25 basis points to 4.25 percent at the last bankers' meeting on December 18.
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