Thursday, September 18, 2008

News Line: Asian Financials -- China's Shanghai Benchmark soars 9.5%, Hong Kong's Hang Seng up 6.5%, Japan's Nikki up 3.5%

HONG KONG (AP) -- Asian stock markets soared Friday after a punishing week as news of a possible U.S. government plan to rescue banks from toxic mortgage debt brought hope of a letup in the world's worst financial crisis in decades.

Hong Kong's Hang Seng Index jumped 7 percent at the open and was up 6.5 percent at the midday break at 18,779.03. Japan's Nikkei 225 average was up 3.8 percent at 11,920.86.

In China, the Shanghai benchmark surged a stunning 9.5 percent after the government eliminated a tax on share purchases and said it was buying shares in state-owned banks. Stock measures in Taiwan, South Korea and Australia were also sharply higher.

Click here to access the full article by Jeremiah Marquez, AP Business Writer @