(Xinhua)
Updated: 2008-01-23 19:36

HONG KONG -- Hong Kong stocks rebounded sharply by rocketing 2,332.54 points, or 10.72 percent, to close at 24,090.17 on Wednesday, regaining the heavy losses on Tuesday.

Market sentiment was greatly propelled up by the US Federal Reserve announcement of an emergency rate cut by 75 basis points over night in a bid to short-circuit the deterioration of fragile market confidence.

The Hong Kong Monetary Authority, the de facto central bank of the city, announced Wednesday to lower its Base Rate by 75 basis points to 5 percent with immediate effect, injecting momentum to the panicked market from recent global routs.