BEA's upbeat earnings add substance to technical rebound
Hong Kong stocks rallied in the afternoon session yesterday to close up 1.62 per cent after better than expected interim results from Bank of East Asia (BEA) boosted sentiment in line with a technical rebound.
The Hang Seng Index ended 208.57 points higher at 13,075.09.
The market closed the morning session broadly flat, with the index at 12,865.55 points before BEA announced its results for the six months to June, with lower than expected provisions for bad loans.
The results triggered buying following the Hang Seng Index's 9.5 per cent fall since the start of sabre-rattling across the Taiwan Strait earlier this month.
Such falls have been compounded by concerns that interest rates in the United States may be increased again to prevent higher inflation.
BEA gained 1.39 per cent to close at $18.20.
