Hong Kong - Hong Kong shares surged on the back of falling oil
prices Wednesday with the benchmark Hang Seng index climbing above
23,000 points for the first time in five weeks to end 2.69 per cent up
at 23,134.5.

Confidence was also buoyed by better than expected results from the United States banking sector.

Shares worth some 75.76 billion Hong Kong dollars (9.71 billion dollars) were traded.

Cathay Pacific Airways was the biggest gainer among Hang Seng
constituent stocks, rising 6.25 per cent to end at 15.64 Hong Kong
dollars. Analysts said lower oil prices would ease pressure on the
airline's operating costs.

Banking stocks showed renewed vigour with the Bank of East Asia
climbing 4.65 per cent to 39.40 Hong Kong dollars and China
Construction Bank rising 3.44 per cent to 6.92 Hong Kong dollars.

Among non-index stocks, China Eastern Airlines soared 11.8 per cent
to close at 2.65 Hong Kong dollars after a Chinese business magazine
said government officials were discussing a possible merger with
Shanghai Airlines. (dpa)