Wednesday, September 17, 2008

Hang Seng Index finish off 18,000 support line at midday

Hong Kong stocks fell 339.41 points, or 1.85 percent, off the key support line of 18,000, to finish Wednesday's morning session at 17,961.20.

Hong Kong's benchmark Hang Seng Index once fell 342.40 points, or 1.87 percent to 17,958.21, during Wednesday's morning session.

Hong Kong stocks rose 390.69 points, or 2.13 percent, to open Wednesday's morning session at 18,691.30, following the U.S. Federal Reserve announced an unprecedented deal to rescue insurance giant American International Group overnight.

The U.S. Federal Reserve announced on Tuesday an unprecedented 85 billion U.S. dollar rescue loan to save insurance giant American International Group from bankruptcy amid fears of a catastrophic effect on financial markets.

Barclays announced in a statement Wednesday that it had reached an agreement to acquire Lehman Brothers North American investment banking and capital markets businesses.

Hong Kong's benchmark Hang Seng Index on Tuesday plunged 1,052.29 points, or 5.44 percent, to close at 18,300.61, the lowest close in nearly 23 months, amid worries of a global financial turmoil after investment bank Lehman Brothers filed for bankruptcy protection.

Source:Xinhua

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