Tuesday, 2 October 2007

Hang Seng jumps 1,000 points

Hong Kong's retail sales rose 15 percent in August from a year earlier, the most in more than three years. But I doubt that that was what caught most investors' eyes in Hong Kong today.

Rather more likely was the 1,000 point move in the Hang Seng Index. Bloomberg reports the fluctuation in the Hong Kong stock market:

Hong Kong's Hang Seng Index closed above 28,000 for the first time, on speculation China's $200 billion investment fund will target Chinese shares listed in the city. China Mobile Ltd. paced the gain...

The Hang Seng added 1,057.28, or 3.9 percent, to close at 28,199.75 in Hong Kong, the biggest fluctuation among equity markets included in global benchmarks. The measure has jumped 38 percent since the start of trading on Aug. 20, when China said it will allow some citizens to invest directly in Hong Kong's stocks. The value of the city's equities surged $685 billion in that time, about the same as the gross domestic product of the Netherlands.

The Hang Seng China Enterprises Index, which measures 43 so- called H shares of Chinese companies, jumped 5.6 percent to 17,973.87. October futures on the main Hang Seng benchmark climbed 3.8 percent to 28,215.

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