Hang Seng Index trading higher led by HSBC Holdings

The Hong Kong market opened strongly on Tuesday morning, led by HSBC Holdings, which declined more than 20% on Monday. The stock is up more than 10% in early trading driving the overall market index higher.

The benchmark Hang Seng Index, which shed more than 575 points on Monday to close at 11,344, opened at 11,542.88, and is presently trading at 11,577, up more than 2%.

The weak closing in the U.S market on Monday, where the Dow Jones Industrial Average and the S&P 500 index closed at their worst levels since April 1997 and September 1996, had little impact on the sentiment of the local market.

Financial stocks led the gains in the market, taking cues from the U.S market, where the S&P Bank Index rose 10.7%.

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