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China stocks surge in HK on EU deal

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advance_11 October 27, 2011 (Chinavestor) China stocks surged in Hong Kong after EU leaders agreed to details of a Greek debt haircut and how to shore up financial institutions. The Hang Seng Index (INDEXHANGSENG:.HSI) soared 622.2 points or 3.2% with iron and steel stocks taking the lead. Every sector except for telecoms rose for the day as investor confidence started to get restored about the health of the global economy. Each and every component of the underlying index -expect for telecoms - for the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) rose in Hong Kong, boding well for the most liquid Chinese ETF. But investors kept a close eye on the government in Shanghai. Hints that a monetary easing may come, bank reserve rations may be lifted to help small and mid-sized companies to grow, helped the Shanghai Composite Index (SHA:0000001) eke out a small 8.1 points or 0.3% gain for the day.

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