Hong Kong's stock index rose 0.6 percent today, shrugging off gloomy economic news in the region, as banking shares rebounded, The Associated Press reported. The blue chip Hang Seng Index climbed 74.36 points to close at 12,657.99. Downbeat economic data from China, Japan and South Korea showed the damage being inflicted on Asia as demand for exports vanishes in the U.S. and Europe. «Clearly our region is really plunging into a steep recession,» said Dariusz Kowalczyk, chief investment strategist for SJS Markets in Hong Kong. «We are going through a big slowdown.» A number of hard-hit financial shares staged a recovery, following gains in U.S. bank stocks overnight. Index heavyweight HSBC Holdings PLC gained 3.6 percent to 57 Hong Kong dollars after days of punishing declines. China's top lender Industrial & Commercial Bank of China Ltd, or ICBC, rose 1.6 percent to HK$3.23. China Construction Bank was 1.6 percent higher at HK$3.72.
