InfoAnda - Hong Kong stocks rise on China stimulus plan

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Hong Kong stocks rise on China stimulus plan AP - 2 hours 30 minutes ago HONG KONG - Hong Kong's stock benchmark advanced 3.5 percent Monday after China unveiled a $586 billion package to protect its economy from a rapidly unfolding global slowdown. The blue-chip Hang Seng Index gained 501.20 points to 14,744.63, though traded well off its highs. Investors welcomed the government's 4 trillion yuan ($586 billion) stimulus package, announced Sunday, which will offer a mix of spending, tax cuts and other measures in hopes of keeping economic growth from falling too fast. Demand from the U.S. and the country's other vital export markets has been waning as the global financial crisis takes an economic toll. "The global economy is in trouble and Chinese authorities understand that they can't wait anymore ... They're aware that exports next year will be terrible given the weakening economies in the U.S. and Europe," said Winson Fong, a Hong Kong-based managing director at SG Asset Management, which oversees about $3 billion in equities in Asia. "This has been overdue." Shares in companies across most sectors rose on expectations they would benefit from the stimulus package. Hopes of a wave of new construction projects powered building industry-related stocks higher. Cement producer Anhui Conch clocked an explosive 31 percent rally to HK$35.5, No. 2 steel maker Angang Steel surged 27 percent to HK$6.3 and Aluminum Corp. of China jumped 19 percent to HK$3.45 China Railway Construction climbed almost 20 percent to HK$10.7. An analyst downgrade from Morgan Stanley hit shares of China-based computer firm Lenovo, the world's fourth-biggest PC maker. It slumped 13.5 percent to HK$1.92. Hong Kong's interbank lending rate, known as Hibor, for three-month loans continued to slide, falling to 2.14 from 2.24. ____ On the Net: Stock Exchange of Hong Kong: http://www.hkex.com.hk Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Chile peso up as China plan boosts global boursesReuters - 1 hour 6 minutes ago US shares set to rise on China package; AIG in focusReuters - 1 hour 26 minutes ago Europe, Asian markets surge on China stimulus planAP - 2 hours 15 minutes ago Hong Kong stocks rise on China stimulus planAP - 2 hours 30 minutes ago Related Articles: Business Dish Network 3rd-quarter profit slides 54 percentAP - 1 hour 1 minute ago Tax wrangles threaten Cameroon mine - SundanceReuters - 1 hour 2 minutes ago Chile peso up as China plan boosts global boursesReuters - 1 hour 6 minutes ago Latvian inflation falls as economy suffersAP - 1 hour 7 minutes ago France wants emerging market nations to join G-7AP - 1 hour 8 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed G20 pledges 'all necessary steps' to restore stability In Obama's victory, Americans see legacy of Lincoln Documents expose Prince William RAF training row: report AIDS vaccines: New hope for problem-plagued path Porsche hits record results on the back of VW shares View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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