Baltic Dry rises, stocks surge

Hong Kong: Whoever said sentiment had gone out of the market? If anything, investors are now piling into sectors on the slightest sign of an uptick for quick, one off gains.

And so with the Baltic Dry Index snapping a 13 day consecutive decline, shipping companies across the world saw a surge in their stock prices.

The Baltic Dry Index rose 1.2% to 679. In Hong Kong China Cosco Holdings advanced 11.8%, China Shipping Development soared 6.2% and China Merchants Holdings jumped 5.1%.

News from that the mainland that Beijing is looking to bolster its huge stimulus plan may well send the Baltic Dry higher today.  [10/12/08]