HSBC rises towards the top of the FTSE 100 index after posting a surge in first quarter profits, boosting rival Asian-focusedbank Standard Chartered as well.
HSBC's London-listed shares extend gains to trade up by 3 percent at 735pence by 0855 GMT, adding the most points to the FTSE 100, having beenup by 0.4 percent before the bank announced its Q1 results.
Trading volumes in HSBC come in at around 54 percent of the average 90-dayamount - above those of the FTSE 100 where volumes stand at 27 percent of theaverage 90-day amount.
"They beat the consensus and the impairment charges have come down, whichwill be taken positively," says Securequity sales trader Jawaid Afsar.
Afsar says HSBC's results bode well for Standard Chartered, which issues itsown first quarter update on May 8.
Hartmann Capital trader Basil Petrides says HSBC and Standard Chartered arethe top UK bank stocks for many investors, due to their exposure to fast-growingAsian markets.
"HSBC and Standard Chartered are probably the most popular out of all the UKbanks," says Petrides.
Reuters messaging rm://sudip.kargupta.thomsonreuters.com@reuters.net