HONG KONG (MarketWatch) -- Hong Kong shares rose Monday to start the new week on a strong footing, with heavyweight
HSBC Holdings PLC leading banks higher after a strong U.S. employment data for January boosted stocks on Wall Street Friday. The Hang Seng Index rose 1.1% to 20,979.83 and the Hang Seng China Enterprises Index added 1% to 11,725.93. HSBC climbed 2.6%, while ports operator Cosco Pacific Ltd. jumped 4.9%. Mainland Chinese banks also climbed after a key state-owned investor in them said Friday it will allow three top banks to cut their dividend payout ratio to 35% from 40% in 2011, in a move likely aimed at preserving capital; among those banks, Industrial & Commercial Bank of China Ltd. rose 1.1%, China Construction Bank Corp. gained 1.6% and Bank of China Ltd. added 1.5%. Meanwhile, China's Shanghai Composite added 0.4% to 2,339.65.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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