HK shares start Year of Dragon strong
Hong Kong shares rose on the first day of trading in the Year of the Dragon, as dealers welcomed the US Fed's decision to keep interest rates low for at least the next two years. The Hang Seng Index added 328 points - or 1.6 pecent - to close at 20,439 on turnover of HK$ 60.84 billion. Citigroup said "equity markets seem to have decided that most of the likely bad news for 2012 has been discounted", adding that it remains bullish for the year ahead. The US central bank said it expects interest rates to stay at "exceptionally low levels" at least until late 2014, instead of mid-2013 as previously forecast.
Japan, India shares gain
Japanese and Indian stocks outperformed the rest of Asia in thin trade, with sentiment partly lifted by signs of US economic recovery, although trading was subdued with many markets closed for Christmas holidays. Tokyo's Nikkei stock average ended up 1 percent, above its 25-day moving average of 8,459, while India's main 30-share BSE index rose 1.14 percent, as investors sought holiday-season bargains. But MSCI's broadest index of Asia Pacific shares outside Japan slipped from a two-week high touched earlier in the day to trade down 0.1 percent. US, European and some Asian markets including Hong Kong and Singapore were closed on Monday.
HK shares close flat
Hong Kong shares closed flat as easing concerns over geopolitical tensions following the death of North Korean leader Kim Jong-Il were outweighed by ongoing troubles in the eurozone. The Hang Seng Index nudged up 9 points to 18,080 on turnover of HK$ 37.10 billion. The Shanghai Composite Index was down 2 points at 2,215.
Citic shares recover after slump
Shares in Citic Securities ended the day unchanged, despite an earlier slump on their trading debut. The share declined 11 percent at one point, before closing unchanged from its offer price of HK$ 13-30. The largest listed mainland brokerage pressed ahead with a listing despite recent dismal market trading.
Esprit shares take further hit
Shares of clothing retailer, Esprit, have taken another beating a day after the company said it had "lost its soul". The share price ended 19 percent down at HK$ 12-22. It has fallen 36 percent since the company announced that profits had plunged 98 percent.
Apple shares fall after Jobs resigns
Shares in the computing giant, Apple, have fallen by about five percent after its co-founder, Steve Jobs, resigned as the company's chief executive. Mr Jobs has been on medical leave for an undisclosed condition, having survived pancreatic cancer.
Shares plunge after rollercoaster ride
Local stocks have suffered their biggest one-day fall since the aftermath of the collapse of Lehman Brothers in 2008. The Hang Seng Index plunged 8 percent at one stage. It clawed back some losses in an afternoon rally but only to have them wiped out in late trading. The Index eventually sank 5.7 percent, or 1,159 points, to close at 19,330. The sell-off was heavy, with over HK$ 116 billion worth of shares changing hands. Shares in Europe slumped between 2 and 4 percent in initial trade. The global rout came on fears over the debt problems affecting the United States and Europe. The Chief Executive of RCM Asia Pacific, Mark Konyn, says there's been a significant loss of investor confidence. Commenting on developments, the Financial Secretary, John Tsang, said the local currency is stable and banks were operating normally. He also said there's market liquidity. Mr Tsang assured investors the government's emergency coodination centre would continue monitoring the market and making any necessary adjustments.
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