HK, mainland stocks finish higher
Asian markets advanced on Monday after US Federal Reserve chief Jerome Powell said officials would take a careful approach to rate hikes, while Chinese shares soared after the government cut the duty on trades. Here in Hong Kong, the Hang Seng Index opened sharply higher before giving up some of the gains later in the day. It finished the day up 174.36 points, or 0.97 percent, at 18,130.74. Shares in troubled Chinese property giant Evergrande plummeted nearly 80 percent after the end of a 17-month trading suspension, closing at HK$0.35. The resumption of trading came after the company said in a filing on Friday that it had met guidelines set out by the bourse, including belatedly publishing its financial results and complying with other listing rules. Shares across the border rose after the cut in stamp duty, though by the close they were well down from the massive early gains owing to lingering worries over the economy. The Shanghai Composite Index advanced 1.13 percent, or 34.56 points, to 3,098.64, while the Shenzhen Composite Index on China's second exchange added 0.95 percent, or 17.83 points, to 1,900.50. (Additional reporting by AFP)