Hong Kong  -  Hong Kong stocks rose by 2 per cent Monday on optimism that the worst is over in credit crisis.

The benchmark Hang Seng Index closed at 24,721, a rise of 523 points on Friday's close. Turnover was 81.3 billion Hong Kong dollars (10.4 billion US dollars).

Analysts said the rise followed Wall Street gains and increased investor confidence that the worst of recent financial turmoil may be over. However, they warned the financial sector may still have some bad news in the form of possible future write-offs.

Gains were across the board, with China Mobile up 2.4 per cent ahead of its first quarter results.

Land counters fared well with Sun Hung Kai Properties and Cheung Kong gaining 3.32 and 3.37 per cent respectively.

Global banking giant HSBC Holdings closed 1.3 per cent higher.

Hong Kong's currency is pegged to the greenback, making the economy of the former British colony particularly sensitive to negative sentiment on the US economy. (dpa)