Hong Kong’s Stock Market Opens Higher

Hong Kong’s stock market climbed steadily in early trading today, lifted by bargain-hunting and signs of stability on the U.S. market. The blue-chip Hang Seng index opened up 278.14 points, or 2.6%, at 10,901.92. It kept climbing, and by midday was up 5.43%. Singapore’s Straits Times index was up even more, 5.9%. Other Asian markets were up by smaller percentages. The Hang Seng’s performance brought relief after a two-week roller-coaster ride that saw the index lose 22% of its value. It closed Friday at 10,623.78 points, down 36% from its Aug. 7 peak of 16,673. Major global markets that suffered chain-reaction jitters over the last two weeks seemed to be stabilizing by Friday, and that reassured investors in Hong Kong. In New York, the Dow Jones industrial average rose 60.41 points to close at 7442.08 Friday. Ben Kwong, research director at Dharmala Securities Co., predicted the Hang Seng gains will be moderate. “Overall, the market sentiment is still cautious,” he said. The concerns that prompted the market’s plunge--speculative attacks on the Hong Kong currency and rising interest rates--have not vanished.