Hong Kong shares surge 5.6 percent
11-12-2008
Hong Kong share prices closed 5.6 percent higher, as mainland stocks were boosted by hopes of new economic stimulus measures by Beijing. The Hang Seng Index was up 824 points at 15,577. Analysts said the recent rebound in the index is indicative of a standard year-end rally, and the market faces immense profit-taking pressure at current levels as investors are reluctant to hold on to stocks for the longer term. "The strong buying momentum that we've seen over the past few sessions hasn't stopped despite yesterday's pullback," Y.K. Chan, fund manager at Phillip Asset Management. "This is a typical year-end rally, with investors using the economic stimulus measures as a reason to buy."
