Hong Kong's benchmark Hang Seng Index staged a huge rebound on Tuesday, up 1,580.45 points or 14. 35 percent to close at 12,596.29, which was its third-biggest single-day rally in percentage terms.
The benchmark Hang Seng Index opened on Tuesday at 11,154.57, 138.73 points or 1.26 percent up, and recovered sharply during the afternoon session from Monday's 12.7 percent downfall, which was its fifth worst ever single-day percentage loss.
Turnover totaled at 66.05 billion HK dollars (8.53 billion U. S. dollars from Monday's 56.83 billion HK dollars (7.34 billion U.S. dollars)
Donald Tsang, the Chief Executive of Hong Kong Special Administrative Region (HKSAR), appointed a 12-member taskforce on Tuesday to deal with the challenges posed by the global financial crisis.
"The challenges ahead of us are daunting. The damage that the financial tsunami has inflicted on the global economy has yet to be fully revealed. We need to evaluate the situation, consider ways to respond, identify new opportunities, and ultimately enhance our international competitiveness," Tsang said.
Market heavyweight HSBC, which accounts for the largest weighting of the index, rose 20 percent to 90.00 HK dollars after it fell 14.77 percent on Monday to 75.00 HK dollars, its lowest close since Sept. 25, 2001.
On banks stocks side, China's largest lender ICBC rose 16.43 percent to 3.26 HK dollars. China Construction Bank jumped 23.28 percent to 3.23 HK dollars. Bank of China, the country's second largest bank, rose 22.22 percent to 2.09 HK dollars.
China Life Insurance, the country largest insurance company, rose 13.89 percent to 9.02 HK dollars despite a 70 percent drop in third-quarter net profit. Ping An Insurance rose 8.33 percent to 26.00 HK dollars in spite of its 9-month profit down 89 percent.
Bank of East Asia ended up 10.16 percent at 14.74 HK dollars, recouping early losses of 8.8 percent following news from Monday that its faced a 3.5 billion HK dollars mark-to-market loss on its collateralized debt obligation investments this year.
China Mobile, the country's largest mobile phone operator, rose12.45 percent at 60.5 HK dollars. China Unicom went up 10.81 per cent at 9.64 HK dollars. China Telecom went up 12.5 per cent at 2.25 HK dollars.
The Hong Kong Exchanges and Clearing Ltd., the market's sole operator, was up 7.26 percent at 66.50 HK dollars.
On resource stocks side, China's largest offshore oil company CNOOC was up 6.6 percent at 4.52 HK dollars. PetroChina, the country's largest oil producer, rose 9.41 per cent at 4.65 HK dollars. Sinopec, Asia's largest oil refiner, rose 11.7 per cent at 4.20 HK dollars. Coal stock Shenhua was up 18.91 percent at 10 HK dollars.
Source:Xinhua
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