Around the World's Markets: Hong Kong

HONG KONG shares soared by nearly 5 per cent, with the Hang Seng closing at 10,428 on the back of an unexpected interest rate cut by Hong Kong banks, and a rate drop in China.

HSBC rose 5.4 per cent, finishing at HK$196, while Dao Hao Bank added 9.5 per cent to close at HK$24.

The rate cuts were also good news for property companies, raising hopes that buyers would come back to the market. Sun Hung Kai, Hong Kong's largest developer, gained 6 per cent.