Hong Kong Hang Seng Up 3% After China Interest-Rate Cut

The Hong kong Hang Seng Index opened higher Friday and rose to the close, finishing up 3% after China centra bank announced a rate cut in for mortgage loans. Property and tech issues gained.

The broad gauge Hang Seng rose 596.56 to 20,717.24 as gaining issues outnumbered losers 64 to two.

Leading the upside were Wuxi Biologics 2269, up 7.9%, followed by China Merchants Bank 3968, up 5.1%, and then smartphone topics-maker Sunny Optical Technology 2382, also up 7.3%.

On the scant downside were Country Garden Services 6098, off 0.8%, and then tool-maker Techtronic 669, off 0.6%.

The Hang Seng is off about 11% year-to-date.

On the mainland, the Shanghai Composite closed up 1.6% to 3,146.57.

In economic news, China banks cut the five-year loan prime rate, a peg for mortgage rates, to 4.45% from 4.6%, reported the People's Bank of China, the nation's central bank.