26Jan/120
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.