Hong Kong's stock index soars more than 9 percent

October 30, 2008 06:53

Hong Kong's main stock index has surged more than 9 percent in a broad regional rally. The blue-chip Hang Seng Index climbed 1,244.49 points, or 9.8 percent, to 13,946.56 in afternoon trade Thursday. The move builds on gains over the previous two sessions following last week's sell-off. Markets around the region are seeing huge gains after the US Federal Reserve cut interest rates and opened up new lines of credit to central banks in countries including South Korea and Singapore. A move by Hong Kong's de facto central bank to cut a key rate following the Fed's action is also lifting investor sentiment.

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