Nikkei:8,773.68 (+168.06) Hang Seng:18,141.59 (+430.53) Shanghai Comp:2,348.52 (+3.73)
BANKS LED the charge on Hong Kong’s Hang Seng index yesterday, which was one of the region’s best performing equity markets after China increased its stake in domestic lenders.
Hong Kong’s benchmark index was up 2.4 per cent. Central Huijin Investment, the domestic investment arm of China’s $400 billion sovereign-wealth fund, said on Monday that it had started buying shares of China’s four biggest banks, in order to restore investor confidence.
Industrial Commercial Bank of China surged 6.7 per cent to HK$4.31, Bank of China rose 7.7 per cent to HK$2.65, China Construction Bank jumped 5.8 per cent to HK$5.10 and Agricultural Bank of China soared 12.8 per cent to HK$2.99.
ICBC rose 1.5 per cent to Rmb4.05 and Construction Bank 2.5 per cent was higher at Rmb4.52.
Motor manufacturers were led higher by Mazda, which climbed 6.1 per cent to ¥156.
Honda climbed 5.5 per cent to ¥2,347 while Fuji Heavy Industries, which makes Subaru cars, rose 3.5 per cent to ¥447. – (Copyright The Financial Times Limited 2011)
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