Hong Kong finance, property shares jump after cbank rate increase

HONG KONG, March 16 (Reuters) - Hong Kong financial and

property shares climbed on Thursday after the central bank

raised the base rate charged through its overnight discount

window by 25 basis points to 1.25 percent, tracking a hike by

the U.S. Federal Reserve.

The property sub-index spiked 1.8 percent, while the

financials sub-index rose 1.3 percent in opening trades.

Hong Kong's benchmark index was set to open up 1.3

percent.

Hong Kong tracks U.S. rate moves as its currency is pegged

to the U.S. dollar and including reinvested dividends, the

broader Hong Kong stock market has outperformed a

sub-index of property and finance companies

since the last U.S. rate increase in December.

(Reporting By Donny Kwok and Saikat Chatterjee; Editing by

Richard Pullin)