Mar 24 – Shares of HSBC surged on Tuesday as speculative investors bought the bank, after piling into a $18.8 billion rights issue.
A global rally in financial stocks, spurred by the U.S. plan to rid banks of $1 trillion in toxic debt, also helped boost HSBC.
Kitty Bu reports
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HSBC roars back
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- HSBC rights issue began trading on Monday.
- HSBC is the U.S.’s top lender.
- Take-up of the rights issues has been slow.
- Rights trading at HSBC will cease at the end of March.
- HSBC has earned US$9.3 billion this year.
- Its performance in the U.S. has been troublesome for a while.
- HSBC is in a better position in the current crisis relative to other banks.
- The rights issue will protect it further.
- Trading in February exceeded market expectations.
- The bank got off to a slow start at the beginning of 2009.
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