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Nov. 24, 2014, 3:37 a.m. EST

Hong Kong stocks rally after China surprise rate cut

Other major Asian markets end broadly higher

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By Laura He, MarketWatch


Shutterstock/leungchopan
Hong Kong rallied Monday, while other major Asian markets ended broadly higher.

HONG KONG (MarketWatch) — Hong Kong stocks ended sharply higher Monday, after the Chinese central bank announced a surprise rate cut Friday night.

The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +1.80%  jumped 2%, while the Hang Seng China Enterprises Index or “H-share index” /zigman2/quotes/210598031/delayed CN:160462 +1.78%  rallied 3.8%.

The People’s Bank of China’s 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.

Among major banks, China Minsheng Banking Corp., Ltd. /zigman2/quotes/208095167/delayed HK:1988 +3.04%  climbed 3.9%, China Merchants Bank Co., Ltd. /zigman2/quotes/209899244/delayed HK:3968 +6.34%  advanced 3.2%, and Industrial and Commercial Bank of China Ltd. /zigman2/quotes/201401473/delayed HK:1398 +5.61%  rose 2.4%.

Property shares gained even more, with China Vanke Co., Ltd. /zigman2/quotes/203851375/delayed HK:2202 +1.21%  soaring 13.3%, China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 +0.52%  surging 11%, Country Garden Holdings Co. Ltd. /zigman2/quotes/201681083/delayed HK:2007 +0.96%  spiking 10.5%, China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 +1.20%  leaping 10.4%, and Poly Property Group Co. Ltd. /zigman2/quotes/209766147/delayed HK:119 +0.83%  improving 8.8%.

Many other blue chips also headed higher, with telecoms giant China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 +2.55%   up 2.2%, online major Tencent Holdings Ltd. /zigman2/quotes/204605823/delayed HK:700 +1.79%   rising 1.1%, and lender HSBC Holdings PLC /zigman2/quotes/202687335/delayed HK:5 +1.78%   underperforming the Hang Seng Index with a 0.6% gain.

On the Chinese mainland, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +1.47%   finished up 1.9%.

Other major Asian markets also posted solid gains. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.82%  closed up 1.1%, while South Korea’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +1.03%  settled 0.7% higher. Japan markets were closed Monday for a public holiday.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
29,620.98
+525.12 +1.80%
Volume: 1.79M
March 3, 2021 1:50p
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/zigman2/quotes/210598031/delayed
CN : Hong Kong Exchange
11,563.94
+202.59 +1.78%
Volume: 0.00
March 3, 2021 1:50p
loading...
/zigman2/quotes/208095167/delayed
HK : Hong Kong
HK$ 4.74
+0.14 +3.04%
Volume: 14.38M
March 3, 2021 1:50p
P/E Ratio
3.70
Dividend Yield
8.54%
Market Cap
HK$258.52 billion
Rev. per Employee
HK$6.45M
loading...
/zigman2/quotes/209899244/delayed
HK : Hong Kong
HK$ 62.05
+3.70 +6.34%
Volume: 17.89M
March 3, 2021 1:50p
P/E Ratio
15.28
Dividend Yield
2.12%
Market Cap
HK$1521.64 billion
Rev. per Employee
HK$5.29M
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 5.27
+0.28 +5.61%
Volume: 265.47M
March 3, 2021 1:50p
P/E Ratio
5.85
Dividend Yield
5.45%
Market Cap
HK$2165.67 billion
Rev. per Employee
HK$3.26M
loading...
/zigman2/quotes/203851375/delayed
HK : Hong Kong
HK$ 33.35
+0.40 +1.21%
Volume: 6.20M
March 3, 2021 1:50p
P/E Ratio
8.44
Dividend Yield
3.35%
Market Cap
HK$451.96 billion
Rev. per Employee
HK$3.18M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 19.24
+0.10 +0.52%
Volume: 8.01M
March 3, 2021 1:50p
P/E Ratio
N/A
Dividend Yield
5.30%
Market Cap
HK$213.44 billion
Rev. per Employee
HK$30.79M
loading...
/zigman2/quotes/201681083/delayed
HK : Hong Kong
HK$ 9.44
+0.09 +0.96%
Volume: 13.60M
March 3, 2021 1:50p
P/E Ratio
4.96
Dividend Yield
6.42%
Market Cap
HK$206.55 billion
Rev. per Employee
HK$3.60M
loading...
/zigman2/quotes/202417326/delayed
HK : Hong Kong
HK$ 37.85
+0.45 +1.20%
Volume: 8.86M
March 3, 2021 1:49p
P/E Ratio
8.75
Dividend Yield
3.15%
Market Cap
HK$258.85 billion
Rev. per Employee
HK$3.68M
loading...
/zigman2/quotes/209766147/delayed
HK : Hong Kong
HK$ 2.43
+0.02 +0.83%
Volume: 6.23M
March 3, 2021 1:49p
P/E Ratio
9.66
Dividend Yield
8.60%
Market Cap
HK$8.75 billion
Rev. per Employee
HK$1.82M
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 56.40
+1.40 +2.55%
Volume: 34.50M
March 3, 2021 1:50p
P/E Ratio
9.85
Dividend Yield
5.77%
Market Cap
HK$1153.79 billion
Rev. per Employee
HK$1.85M
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 710.50
+12.50 +1.79%
Volume: 8.85M
March 3, 2021 1:50p
P/E Ratio
50.62
Dividend Yield
0.17%
Market Cap
HK$6630.61 billion
Rev. per Employee
HK$6.80M
loading...
/zigman2/quotes/202687335/delayed
HK : Hong Kong
HK$ 45.85
+0.80 +1.78%
Volume: 17.24M
March 3, 2021 1:50p
P/E Ratio
30.63
Dividend Yield
2.54%
Market Cap
HK$925.25 billion
Rev. per Employee
HK$2.56M
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,560.09
+51.50 +1.47%
Volume: 26.32B
March 3, 2021 1:50p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,818.00
+55.70 +0.82%
Volume: 587,862
March 3, 2021 4:45p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,075.13
+31.26 +1.03%
Volume: 2.04M
March 3, 2021 2:45p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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