Stock markets rally after steep declines

Stock markets worldwide rebounded yesterday after several days of steep declines as investors snapped up beaten-down shares.

Hong Kong's Hang Seng index rose a whopping 14.4 percent - its biggest gain in 11 years - to 12596.29, a day after plunging more than 12 percent. South Korea's Kospi jumped 5.6 percent to 999.16.

Japan's benchmark Nikkei 225 index surged 459.02 points, or 6.4 percent, to 7621.92 after earlier falling to fresh 26-year lows.