Around the World's Markets: Hong Kong

Tuesday 22 September 1998 23:02 BST

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THE HANG Seng index posted a 2.8 per cent gain to close up 203.3 at 7,373.5, with traders saying most of the gains were prompted by short covering after Monday night's rally on Wall Street caught investors by surprise.

HSBC, HongKong Telecom and Hutchison Whampoa, which together make up almost half of the index, paced gains. Meanwhile, Hong Kong's Monetary Authority said it spent $8.9bn of its foreign-currency reserves to buy stocks and futures last month, less than many analysts estimated.

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