Hong Kong shares regained some lost ground Friday as an unexpected cut in local interest rates saw them end the week with a climb of more than 3 per cent.
The blue-chip Hang Seng Index gained 453.39 points or 3.29 per cent to end the week on 14,243.43 points, despite falling more than 5 per cent in morning trading. Turnover was 48.8 billion Hong Kong dollars (6.29 billion US dollars).
The rebound, which followed a 7 per cent fall in share prices Thursday, was spurred by the announcements of cuts in interest rates by the HSBC and Standard Chartered banks, which investors hope will free up credit in the city.
The Hong Kong Monetary Authority has eased base rates three times in line with the US Federal Reserve since March, but local banks have until now left lending rates unchanged.
Shares fell 2.1 per cent Friday on the Seoul stock exchange on general recession fears. South Korea's won dropped against the dollar.
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