Hong Kong stock index jumps 2.3 percent, Wall Street rally boosts sentiment

Hong Kong shares rose Wednesday, lifted by gains on Wall Street Tuesday after the U.S. Federal Reserve cut its key interest rate three-quarters of a point and strong full-year results from several Chinese companies.

Investors were quick to take profits from the steep gains on concerns about further deterioration in credit conditions. But analysts said Hong Kong's blue-chip index has likely bottomed out following its 31 percent decline from its peak in October.

The Hang Seng Index rose 482.33 points, or 2.3 percent, to 21,866.94, having risen to a high of 22,191.88 earlier in the session.

China Mobile rose 3 percent to HK$107.60 after the company …