Hong Kong stocks end 1.34% higher

Hong Kong jumped 1.34 percent Friday, topping off a strong week as investors followed a global rally in response to the European Central Bank’s bigger-than-expected stimulus programme aimed at kickstarting the eurozone economy.

The benchmark Hang Seng Index added 327.82 points to 24,850.45 on turnover of HK$ 106.06 billion (US$ 13.69 billion).

World markets rallied in reaction to the ECB’s decision to pump 60 billion euros ($ 70 billion) a month into financial markets — much more than the 50 billion euros expected — as it looks to fight off deflation.

News of the death of oil kingpin Saudi Arabia’s King Abdullah sent crude prices soaring, and in turn boosted energy companies around the world.

Saudi Arabia is the biggest producer in the OPEC cartel, which last month sent prices plunging after it said it would maintain high oil output despite a global supply glut. Analysts said there was now uncertainty about the kingdom’s oil policy, which sent prices soaring.

Source : AFP