Hong Kong shares open 3.54pc higher

HONG KONG: Hong Kong shares surged 3.54 percent at the open on Friday after Greece's prime minister backed away from his plans to hold a referendum on last week's eurozone debt deal.

The benchmark Hang Seng Index jumped 680.27 points to 19,922.77.

The rise, which was in line with regional markets, was also fuelled by an unexpected quarter point interest rate cut to 1.25 percent by the European Central Bank on Thursday.

Greek Prime Minister George Papandreou said on Thursday he could drop a plan to hold a referendum, which had incensed European leaders trying to organise a rescue plan for the debt-ridden nation.