Hong Kong share surge

Shares of firms listed in Hong Kong have surged following China's announcement that corporate investors could invest abroad.

BY: admin | Thu Jul 10, 2008

The move is part of plans by China to reach overseas markets by investing some of its $2 trillion savings.

Shares in mainland Chinese firms listed in Hong Kong added 5 percent. The key Hang Seng index was up 2.6 percent to 20,990.62 points having topped 21,000 earlier.

Other Asian share markets also climbed as data showing economic strength in the US boosted Wall Street.

Stocks which rose included China's leading aluminium firm Aluminium Corp, which added 9.5 percent, while Jiangxi Copper increased 11.5 percent.

China Mobile gained 5.7 percent while the strongest blue-chip player was Hong Kong Exchanges and Clearing, climbing more than 9 percent.