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Sunday, November 29, 2009
Hong Kong Shares Pare Some Of Friday's Losses
By Michael Kitchen
MarketWatch Pulse
LOS ANGELES -- Hong Kong stocks rose early Monday, undoing some of their steep losses Friday, as investors appeared less concerned about fallout from a possible debt default by Dubai World. The benchmark Hang Seng Index gained 3% to 21,759.5, after losing 4.8% on Friday, while the Hang Seng China Enterprises Index advanced 3.5% to 12,909.6. Financials were among the top leaders, with Bank of China Ltd. ahead by 4.1%, and Industrial & Commercial Bank of China Ltd. 4.2% higher. HSBC Holdings Plc. [s:HBC] rose 3.7%, even though the bank -- among the largest Hang Seng Index components -- was believed to have significant exposure to Dubai World debt. The Hong Kong market was helped by a smaller rebound in Shanghai, where the Shanghai Composite was 0.6% higher in early trading, at 3,116.4.
Copyright © 2009 MarketWatch, Inc.
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