Hong Kong Shares Rally On Chinese Action
The recent package of measures introduced by the Chinese government to try and
bolster the country's flagging financial environment appear to be paying off,
as Hong Kong share prices shot up by 5% on Tuesday morning. Shares in the country's property firms and crude oil stocks soared overnight
after news that countries across the world were pouring colossal cash deposits
into their financial systems, boosting the stability of the economic climate
as a whole, and easing the intensity of fears felt by investors in recent months. Just a few weeks ago, China's Finance Ministry effectively encouraged greater
share sales when they announced their plans to remove the 0.1% stamp tax on
purchases of shares. The decision came at a crucial time for the country, after the Shanghai Composite
Index plunged by 7% in one day alone and bank shares dropped dramatically in
the wake of the Leham Brothers' bankruptcy. .
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