Hong Kong  - Hong Kong's Hang Seng Index began the Chinese Year of the Ox in bullish fashion Thursday with a 4.6-per-cent jump.

The blue-chip index shot up by more than 7 per cent at the opening of the first day of trading after the holiday before it fell back. It closed back above 13,000 at 13,154.43.

Turnover was a relatively low 39.1 billion Hong Kong dollars (5.04 billion US dollars.)

Blue-chip financials led the upward surge with HSBC, one of the worst hit stocks in the recent downturn, posting strong gains. Locally listed China companies also rose strongly.

Analysts said the optimistic start to the new year was driven by optimism that a new US economic stimulus package announced overnight would boost consumer spending in a key export market for China.

Ronald Arculli, chairman of the stock market operator Hong Kong Exchanges and Clearing Ltd, said there were reasons for cautious optimism in the way the Year of the Ox had begun.

"I don't want to simplify the complications and difficulties that lie ahead, but I believe ... with the developments going on around the world, we can afford a little bit more confidence in ourselves and a little bit more optimism for 2009," he said. (dpa)