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Global stocks rise on Dubai debt news
Stocks in Europe and Asia rose on Monday…
December 14, 2009 4:23 by kippreport
Stocks in Europe and Asia rose on Monday after the Abu Dhabi government gave $10 billion to Dubai and prevented it from defaulting on Nakheel’s $4.1 billion Islamic bond. China’s Shanghai Composite Index gained 1.7 percent, Hong Kong’s Hang Seng Index added 0.8 percent, South Korea’s Kospi increased 0.5 percent and Taipei’s Taiex rose 0.3 percent. The Bombay Stock Exchange in India also rose 0.9 percent during the day.
Shares of HSBC Holdings and Standard Chartered, which had fallen because of concerns over their exposure to Dubai World, rebounded in Hong Kong, with HSBC increasing 1.4 percent and Standard Chartered gaining 4.8 percent.