Hong Kong shares rise by 3 per cent on "Obama factor"
Hong Kong shares rose by more than 3 per cent Wednesday as news of Barack Obama's historic US presidential election win sent a feel-good thrill through regional markets.
The blue-chip Hang Seng Index climbed by 455.82 points, or 3.17 per cent, to end the day at 14,840.16. Turnover was 63.3 billion Hong Kong dollars (8.16 billion US dollars).
Share prices rose sharply shortly after midday local time as confirmation of Obama's victory in the race for the White House reached Hong Kong, and the Hang Seng climbed briefly above 15,000.
Analysts said that although markets generally preferred to see Republicans at the helm of the United States, the global economic slump and the belief that Obama might bring positive new strategies bolstered markets.
The Hang Seng Index has fallen more sharply than most global markets in the recent global meltdown, losing more than 50 per cent of its value since October 2007 and
25 per cent since the end of September.
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