HONG KONG: Hong Kong shares jumped, opening up 3.22 percent, after hints the US Federal Reserve would not raise interest rates yet sparked a rally on Wall Street following days of turmoil over China.
The benchmark Hang Seng Index rose 678.23 points to 21,758.62 in opening deals.
Wall Street broke free of a six-day losing streak on Wednesday as the S&P 500 closed with a 3.90 percent gain, the Dow added 3.95 percent, and the Nasdaq Composite was up a heady 4.24 percent.
The People’s Bank of China on Tuesday reduced interest rates and cut the amount of money banks must hold in reserve — its second such double move in two months — to try to bolster its economy and end the country’s worst stock market rout in almost two decades.
Shanghai stocks closed down 1.27 percent in volatile trading on Wednesday, extending days of falls despite the rate cut.
Analysts say the latest rate cut — the fifth since November — is not enough to reverse slowing growth with more aggressive measures required.
