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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 -0.96%  jumped 2%, while the Hang Seng China Enterprises Index or “H-share index” /zigman2/quotes/210598031/delayed CN:160462 -1.34%  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 +0.74%  climbed 3.9%, China Merchants Bank Co., Ltd. /zigman2/quotes/209899244/delayed HK:3968 -4.30%  advanced 3.2%, and Industrial and Commercial Bank of China Ltd. /zigman2/quotes/201401473/delayed HK:1398 0.00%  rose 2.4%.

Property shares gained even more, with China Vanke Co., Ltd. /zigman2/quotes/203851375/delayed HK:2202 -1.83%  soaring 13.3%, China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 -1.44%  surging 11%, Country Garden Holdings Co. Ltd. /zigman2/quotes/201681083/delayed HK:2007 -4.19%  spiking 10.5%, China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 -2.84%  leaping 10.4%, and Poly Property Group Co. Ltd. /zigman2/quotes/209766147/delayed HK:119 -2.06%  improving 8.8%.

Many other blue chips also headed higher, with telecoms giant China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 +0.19%   up 2.2%, online major Tencent Holdings Ltd. /zigman2/quotes/204605823/delayed HK:700 -1.15%   rising 1.1%, and lender HSBC Holdings PLC /zigman2/quotes/202687335/delayed HK:5 -0.32%   underperforming the Hang Seng Index with a 0.6% gain.

On the Chinese mainland, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.08%   finished up 1.9%.

Other major Asian markets also posted solid gains. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.30%  closed up 1.1%, while South Korea’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 -0.69%  settled 0.7% higher. Japan markets were closed Monday for a public holiday.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
19,331.46
-186.83 -0.96%
Volume: 1.66M
Dec. 6, 2022 11:49a
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/zigman2/quotes/210598031/delayed
CN : Hong Kong Exchange
6,616.34
-89.95 -1.34%
Volume: 0.00
Dec. 6, 2022 11:49a
loading...
/zigman2/quotes/208095167/delayed
HK : Hong Kong
$ 2.72
+0.02 +0.74%
Volume: 6.74M
Dec. 6, 2022 11:47a
P/E Ratio
3.54
Dividend Yield
9.17%
Market Cap
$159.00 billion
Rev. per Employee
$6.27M
loading...
/zigman2/quotes/209899244/delayed
HK : Hong Kong
$ 40.10
-1.80 -4.30%
Volume: 13.08M
Dec. 6, 2022 11:49a
P/E Ratio
6.36
Dividend Yield
4.45%
Market Cap
$961.29 billion
Rev. per Employee
$5.55M
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
$ 3.85
0.00 0.00%
Volume: 61.00M
Dec. 6, 2022 11:49a
P/E Ratio
3.17
Dividend Yield
8.91%
Market Cap
$1595.74 billion
Rev. per Employee
$3.85M
loading...
/zigman2/quotes/203851375/delayed
HK : Hong Kong
$ 16.10
-0.30 -1.83%
Volume: 5.02M
Dec. 6, 2022 11:49a
P/E Ratio
6.85
Dividend Yield
7.10%
Market Cap
$227.73 billion
Rev. per Employee
$4.50M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
$ 19.86
-0.29 -1.44%
Volume: 10.51M
Dec. 6, 2022 11:49a
P/E Ratio
4.99
Dividend Yield
5.84%
Market Cap
$221.63 billion
Rev. per Employee
$51.24M
loading...
/zigman2/quotes/201681083/delayed
HK : Hong Kong
$ 2.97
-0.13 -4.19%
Volume: 246.87M
Dec. 6, 2022 11:49a
P/E Ratio
4.43
Dividend Yield
4.00%
Market Cap
$72.91 billion
Rev. per Employee
$5.41M
loading...
/zigman2/quotes/202417326/delayed
HK : Hong Kong
$ 32.45
-0.95 -2.84%
Volume: 4.48M
Dec. 6, 2022 11:49a
P/E Ratio
6.40
Dividend Yield
5.21%
Market Cap
$239.60 billion
Rev. per Employee
$5.19M
loading...
/zigman2/quotes/209766147/delayed
HK : Hong Kong
$ 1.90
-0.04 -2.06%
Volume: 4.27M
Dec. 6, 2022 11:47a
P/E Ratio
3.03
Dividend Yield
7.11%
Market Cap
$7.03 billion
Rev. per Employee
$4.61M
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
$ 53.10
+0.10 +0.19%
Volume: 14.78M
Dec. 6, 2022 11:49a
P/E Ratio
7.78
Dividend Yield
8.72%
Market Cap
$1050.62 billion
Rev. per Employee
$2.27M
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 310.40
-3.60 -1.15%
Volume: 14.47M
Dec. 6, 2022 11:49a
P/E Ratio
14.20
Dividend Yield
0.52%
Market Cap
$2811.54 billion
Rev. per Employee
$5.87M
loading...
/zigman2/quotes/202687335/delayed
HK : Hong Kong
$ 47.05
-0.15 -0.32%
Volume: 7.13M
Dec. 6, 2022 11:48a
P/E Ratio
10.07
Dividend Yield
4.46%
Market Cap
$946.50 billion
Rev. per Employee
$2.45M
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,209.27
-2.54 -0.08%
Volume: 24.14B
Dec. 6, 2022 11:49a
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,303.40
-22.20 -0.30%
Volume: 388,931
Dec. 6, 2022 2:44p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,402.63
-16.69 -0.69%
Volume: 224,911
Dec. 6, 2022 12:44p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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