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EU summit lifts stocks in Asia

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Asia_2 June 29, 2012 (Chinavestor) Chinese stocks soared in Asia following news that Europe will let recapitalize its ailing banks directly, in Spain and Italy. Markets were expecting a lot less from the current summit. The Hang Seng Index (INDEXHANGSENG:.HSI0 soared 416.2 points or 2.1% on Friday, making up for all previous losses for the week. Similarly to Hon Kong, stocks advanced on the mainland as well. The Shanghai Composite Index (SHA:000001) rose 29.6 points or 1.3% in a broad rally. Stocks that advanced outnumbered those that fell ten to one among the 50 largest components of the broad index.

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