HK shares open up 7.8 pc; banks ride on US rally
HONG KONG: Hong Kong shares were set to rise 7.8 percent in opening trade on Thursday after the US House of Representatives passed an $825 billion stimulus bill to combat the worst economic crisis since the Great Depression. Financial stocks looked firm, with sentiment on the sector buoyed by the US government's plan to create a government "bad bank" to absorb toxic assets. Europe's biggest lender HSBC jumped 9.9 percent, driving the benchmark Hang Seng Index up 981.47 points to 13,560.07 in pre-opening trade. The China Enterprises Index of top locally listed mainland firms was indicated to open up 7.5 percent at 7,159.00
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