Asian Banks soar in Dubai aftermath, Buffett's BYD and other Chinese car companies post massive gains

Shares in Asia soared Monday, with Hong Kong's Hang Seng Index surging 3.3% to close at 21,822. China's Shanghai Composite Index climbed 3.2% to 3,195 and in Japan, the Nikkei Index gained 2.9%, ending the day at 9,346.

Even as shares in Dubai and Abu Dhabi suffered their steepest drop in more than a year, Asian banks recouped some of Friday's massive losses after assessing their actual exposure to floundering Dubai World. In Hong Kong, HSBC (HBC), the most heavily weighted stock on the exchange, rallied 4.3% and Standard Chartered (SCBFF) gained 4.2%. A pledge by the Chinese authorities to continue financial stimulus measures sent shares in China- based banks upwards. Hong Kong-listed shares of Bank of China (BACHY) added 5.8% and shares in Industrial & Commercial Bank of China (IDCBY) rose 4.6%.