Hong Kong shares edge up after China rate cut
HONG KONG, March 2 (Reuters) - Hong Kong shares edged up on Monday after China's central bank cut interest rates to support the slowing economy.
The People's Bank of China cut interest rates for the second time in just over three months late on Saturday, as the government hopes to further reduce companies' financing costs.
The Hang Seng index rose 0.3 percent, to 24,887.44 points, while the China Enterprises Index gained 0.2 percent, to 12,213.75 points.
Among the most actively traded stocks on Hong Kong's main board were SMI Holdings, down 1.8 percent to HK$0.28; Cypress Jade, down 19.7 percent to HK$0.12; and ICBC , up 0.4 percent to HK$5.68.
Total trading volume of companies included in the HSI index was 1.6 billion shares. (Reporting by Samuel Shen and Pete Sweeney; Editing by Kim Coghill)
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