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HK best day ever in December

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advance_12 December 1, 2011 (Chinavestor) Chinese stocks soared in Hong Kong on Thursday a day after a broad rally sent the DJIA 490 points higher. The Hang Seng Index (INDEXHANGSENG:.HSI) jumped 1012.9 points or 5.3% in one day, its best December gain ever. The rally was universal except for power generators whose short term profit outlook is hurt by latest off-grid tariff increase. Investors were expecting the Chinese government to ease monetary policy after manufacturing and GDP growth has been slowing. The People's Bank of China lowered bank reserve requirement ratio by 50 bps for the first time in three years. The Shanghai Composite Index (SHA:000001) rose 53.4 points or 2.2% for the day.

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