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Sunday, November 15, 2009
HSBC Lifts Hong Kong, B Shares Surge In Shanghai
By V. Phani Kumar
MarketWatch Pulse
HONG KONG -- A higher finish on Wall Street and extended market gains in Shanghai set the stage for a strong opening for Hong Kong shares Monday, with heavyweight HSBC Holdings Plc. pacing the gains. The Hang Seng Index rose 1.3% to 22,842.90, as HSBC shares added 2% on continued buying in the wake of its recently quarterly update. The Hang Seng China Enterprises Index gained 1.3% to 13,637.98. The Shanghai Composite Index added 1.5% to 3,235.33, getting a further boost to foreign-currency denominated B shares on hopes authorities may allow the yuan to strenghthen against the U.S. dollar. The Shanghai B share index, which jumped over 9% Friday, was up 6.4% in morning trading.
Copyright © 2009 MarketWatch, Inc.
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