World stock markets surge amid global efforts to rescue financial system
Hong Kong: World stock markets have rebounded strongly after last week’s historic sell-off as governments from Europe to Australia and the US intensified efforts to stabilize the world’s financial system. Hong Kong’s Hang Seng Index, which tumbled more than 7 per cent on Friday, soared 1,434.33 points, or 9.69 per cent, to finish at 16,231.20. Australian and Singapore indices jumped more than 5 per cent, while South Korean and Chinese benchmarks added around 3.7 per cent. As markets opened in Europe, Britain’s FTSE-100 shot up 5.7 per cent, Germany’s DAX climbed 6.4 per cent and France’s CAC-40 advanced 6.8 per cent. In Japan, where the Nikkei 225 tanked nearly 10 per cent on Friday to close out its worst week in history, trading was closed for a public holiday.