Around the World's Markets: Hong Kong

SHARES began the week well on yesterday's 0.25-point cut in interest rates to 9 per cent, the fourth cut since October. Dealers said lower rates were expected, but the timing was a surprise.

The Hang Seng gained 169.78 points, 1.66 per cent, to close at 10,396.01. The rate cuts have yet to boost the property market, so share reaction was mixed. HSBC Holdings, expected to take over Seoulbank or Korea First Bank, climbed HK$4.50 to HK$198.50.