HONG KONG :Hong Kong stocks jumped early Monday, with a rally in Chinese shares after the central bank declared surprise policy interest-rate cuts Friday.
The Hang Seng Index HSI, +1.87% climbed 1.8%, while the Hang Seng China Enterprises Index or “H-share index” advanced 2.5%. The People’s Bank of China reduction of the benchmark one-year deposit and lending rates — by 25 basis points and 40 basis points, respectively — sent shares of mainland Chinese banks and property developers both sharply higher. China Construction Bank Corp. 0939, +2.14% CICHF, +3.95% 601939, +0.47% rose 1.8%, Bank of Communications Co. 3328, +1.41% BKFCF, -5.33% 601328, +0.23% gained 1.4%, and both Industrial & Commercial Bank of China Ltd. 1398, +2.22% IDCBF, +2.50% 601398, +1.07% and China Citic Bank Corp. 0998, +1.77% CHBJF, +18.70% 601998, +0.20% moved up 1.2% apiece. Among the property shares, China Overseas Land & Investment Ltd. 0688, +10.05% CAOVF, -1.67% soared 10.1%, Country Garden Holdings Co. 2007, +10.49% CTRYF, +2.15% spiked 8.8%, Shimao Property Holdings Ltd. 0813, +9.68% SIOPF, -0.96% 600823, +6.14% leapt 9.1%, China Resources Land Ltd. 1109, +9.55% CRBJF, +3.52% added 7.9%, Poly Property Group Co. 0119, +9.82% PHKIY, +0.00% improved by 7.7%, and China Vanke Co. 2202, +10.25% snagged a 6.8% gain. Many other blue chips also headed higher, with telecoms giant China Mobile Ltd. 0941, +1.58% CHL, +2.93% up 2.1%, online major Tencent Holdings Ltd. 0700, +0.89% TCEHY, +1.36% rising 1.3%, and lender HSBC Holdings PLC 0005, +0.78% HBC, +2.90% HSBA, +0.99% underperforming the Hang Seng Index with a 0.7% gain. Over on the Chinese mainland, the Shanghai Composite Index SHCOMP, +1.96% tacked on 0.7%.
shanghai shares start week with losses 25 june 2018
Hong Kong, (UrduPoint / Pakistan Point News - 25th Jun, 2018 ) :Hong Kong and mainland Chinese stocks fell on...
