Around the World's Markets: Hong Kong

HONG KONG stocks closed sharply higher yesterday on hopes of progress in China's bid to join the World Trade Organisation (WTO). The Hang Seng closed up 410.49 points, or 3.16 per cent, at 13,403.59.

After opening sharply lower, Hong Kong stocks reversed course, initially helped by Chinese hints on WTO. A Chinese official said China hoped the US would take more concrete action to improve Sino-US relations.