Asian markets blast, Hang Seng crosses 27 k mark
Asian markets blast, Hang Seng crosses 27 k mark Asian markets closed higher on Thursday (Sep. 27, 2007), helping Hong Kong`s Hang Seng Index to cross 27,000 mark for the first time, on speculation that the U.S. will reduce interest rates and China will award new mobile-phone licenses. China`s biggest fixed-line phone company, China Telecom, gained the most in nine months on a report that the country`s telecom industry will come under review. Mizuho Financial Group advanced after a bigger-than-forecast drop in U.S. durable goods orders increased speculation that the Federal Reserve will reduce borrowing costs. Japan`s benchmark index Nikkei added 396.48 points, or 2.41%, to trade at 16,832.22. Hong Kong`s Hang Seng surged 634.86 points, or 2.40%, to trade at 27,065.15. China`s Shanghai Composite gained 70.88 points, or 1.33%, to trade at 5,409.40. Taiwan`s Taiex Index added 156.18 points, or 1.69%, to trade at 9,4 13.65. South Korea`s KOSPI gained 26.02 points, or 1.36%, to trade at 1,945.28. Singapore`s Straits Times gained 64.68 points, or 1.77%, to trade at 3,714.77. (4.00 p.m, IST)
