Brokers forecast 9pc rise in lender's first-half earnings will power Hang Seng Index past the 15,000 barrier
An overnight jump in HSBC shares in London, triggered by the global banking giant's better-than-expected half-year results, could power the Hong Kong stock market through the key psychological 15,000 level today, brokers predict.
HSBC shares jumped 0.8 per cent to 930.5 pence in London yesterday, on news that the world's second-largest bank by market capitalisation beat expectations with 9 per cent growth in net profit to US$7.59 billion for the first half.
While North America and Europe contributed the lion's share of earnings, chairman Sir John Bond said the group had enjoyed strong results in emerging markets, generating profit growth of at least 50 per cent in Argentina, Indonesia, the Middle East and Turkey.
Profit from the mainland grew five-fold in the first-half following the acquisition last year of a 19.9 per cent stake in Bank of Communications (Bocom).
'To a large extent our results are a measure of our success in expanding our personal financial services and commercial banking businesses in new and emerging markets,' Sir John said at the results briefing in Hong Kong.
