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HK stocks rebound over 13% in afternoon session

(Xinhua)
Updated: 2008-10-28 16:28

HONG KONG - Hong Kong's benchmark Hang Seng Index staged a huge rebound in Tuesday afternoon session, up 1,517.18 points or 13.77 percent to 12533.02, after the index made its fifth worst ever single-day percentage loss by 12.7 percent on Monday.

Market heavyweight HSBC, which accounts for the largest weighting of the index, rallied 12.92 percent to 84.90 HK dollars in Tuesday afternoon trading, recovering from Monday's 14.77 percent loss at 75.00 HK dollars which was its lowest close since September 25, 2001.

China Mobile, the country's largest mobile phone operator, jumped 12.92 percent to 60.75 HK dollars in Tuesday afternoon trading.

The benchmark Hang Seng Index opened on Tuesday at 11,154.57, 138.73 points or 1.26 percent up, and finished the morning session at 11691.60, up 675.76 points, or 6.13 percent higher.

Analysts said the index may stage a rebound, but any recovery remains technical in nature.