Some Good News on China's Economy

Some good news from Hong Kong as we come out of the New Year holiday time. We need more good news.

HK stock index jumps 3.6 pct on China prospects

The Associated Press


HONG KONG: Hong Kong's stock index jumped more than 3 percent Friday amid optimism about China's economic prospects.

The blue-chip Hang Seng Index advanced 476.14 points, or 3.6 percent, to 13,655.04, in line with gains in mainland markets.

Better-than-expected manufacturing and bank lending reports this week have boosted confidence in the success of Beijing's efforts to safeguard the economy through stimulus spending and monetary easing.

"People are hoping more will be done by the major governments and central banks," said Dariusz Kowalczyk, chief investment strategist for SJS Markets. "Investors are looking for any optimistic event to hang onto right now."

Chinese stocks were especially strong.

Chinese top lender Industrial & Commercial Bank of China Ltd, or ICBC, surged 4.6 percent to 3.65 Hong Kong dollars. Air China soared 8.3 percent to HK$42.36.

Lenovo Group rebounded almost 11 percent to HK$1.62 a day after the Chinese computer maker announced a quarterly loss and management shake-up.

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