Around the World's Markets: Hong Kong

Thursday 28 January 1999 01:02 GMT

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STOCKS CLOSED sharply higher after China's central bank governor doused devaluation fears and an overnight rally on Wall Street boosted confidence. The Hang Seng index was up 209.83 points, 2.21 per cent, to close at 9,719.66. Battered China plays took off as investors hunted for bargains: the red-chip index rose 4.93 per cent to 725.57, while the H- share index rose 7.34 per cent to 325.87.

Interbank interest rates fell for the second day, helping to boost bank and property stocks.

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