By Laura He, MarketWatch Other major Asian markets end broadly higher

HONG KONG (MarketWatch) -- Hong Kong stocks ended sharply higher Monday, after the Chinese central bank announced a surprise rate cut Friday night.

The Hang Seng Index jumped 2%, while the Hang Seng China Enterprises Index or "H-share index" rallied 3.8%.

The People's Bank of China's reduction of the benchmark one-year deposit and lending rates -- by 25 basis points and 40 basis points, respectively -- sent shares of mainland Chinese banks and property developers both sharply higher.

Among major banks, China Minsheng Banking Corp., Ltd. climbed 3.9%, China Merchants Bank Co., Ltd. advanced 3.2%, and Industrial and Commercial Bank of China Ltd. rose 2.4%.

Property shares gained even more, with China Vanke Co., Ltd. soaring 13.3%, China Overseas Land & Investment Ltd. surging 11%, Country Garden Holdings Co. Ltd. spiking 10.5%, China Resources Land Ltd. leaping 10.4%, and Poly Property Group Co. Ltd. improving 8.8%.

Many other blue chips also headed higher, with telecoms giant China Mobile Ltd. up 2.2%, online major Tencent Holdings Ltd. rising 1.1%, and lender HSBC Holdings PLC underperforming the Hang Seng Index with a 0.6% gain.

   On the Chinese mainland, the Shanghai Composite Index   finished up 1.9%. 

Other major Asian markets also posted solid gains. Australia's S&P/ASX 200 closed up 1.1%, while South Korea's Kospi Composite Index settled 0.7% higher. Japan markets were closed Monday for a public holiday.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

China Mobile (NYSE:CHL)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more China Mobile Charts.
China Mobile (NYSE:CHL)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more China Mobile Charts.