Riding on air of optimism

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STOCKS rose yesterday as traders grew optimistic that the US and European central banks would unveil a fresh round of stimulus spending.

The benchmark Hang Seng Index added 310.44 points, or 1.61 per cent, to end at 19,585.40.

The gains came despite 17 companies listed in the territory, most of them Chinese, issuing profit warnings after markets closed on Friday.

“Obviously 17 is a lot of profit warnings for a single day, but I think it just goes to show you how much the Chinese economy has decelerated,” said Jackson Wong, Tanrich Securities’ vice-president for equity sales. Agencies

Business Times : marketwatch

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