Hong Kong-listed shares in HSBC Holdings rose as much as 3 per cent on Monday after the bank pledged a new share buy-back of up to $2bn.
Shares jumped to as much as HK$78.75 early in the afternoon session after the bank raised its total buy-back figure to $5.5bn, exceeding many analysts’ expectations.
The increased buy-back plan for this year came alongside promising results for the first half, during which adjusted pre-tax profit came in at $12bn, up 12 per cent and beating analysts’ consensus forecast.
Earnings per share of 35 cents also beat forecasts.
Shares were still up 2.8 per cent at HK$78.60 as the afternoon session progressed, with the benchmark Hang Seng index up 1 per cent.