Hong Kong - Hong Kong shares rose by more than 2 per cent Wednesday following the cut in interest rates in the US and the rise in prices on Wall Street overnight.

The blue-chip Hang Seng Index gained 330.31 points, or 2.18 per cent, to close at 15,460.52 points. Turnover was 56.4 billion Hong Kong dollars (7.27 billion US dollars).

The surge in share prices came even though Hong Kong's HSBC and Standard Chartered Banks announced they would not follow the lead of the US and cut interest rates further.

The refusal came despite the Hong Kong Monetary Authority slashing the rate at which it lends to local banks to just 0.50 per cent. The authority's chairman appealed to banks to ease rates to customers.

However, the HSBC said current narrow interest margins provided no room to further reduce its lending rates. (dpa)