Hang Seng Index’s Hot Run Hits 13 Days
Hong Kong’s Hang Seng Index is on its longest rising streak ever.
Closing at 31,120.39 on Thursday, up 46.67 points from Wednesday, the benchmark index has risen for 13 consecutive trading days.
Thursday’s trading volume on the main board of the Hong Kong Stock Exchange was also remarkable, at HK$128.82 billion ($16.47 billion), its eighth trading day in a row over the HK$100 billion mark.
Meanwhile, the Hang Seng China Enterprises Index, which tracks H-shares on the Hong Kong Stock Exchange, closed higher by 6.35 points Thursday, its 10th consecutive trading day of growth.
Gains by some of the largest stocks by turnover kept the bourse’s winning streak going. HSBC Holdings, Ping An Insurance and Sunny Optical Technology, gained 2.38%, 0.48% and 9.03% respectively.
Hong Kong shares appear to be having a good start to the year after performing exceptionally well in 2017, when they rose 36%, dwarfing the gains of mainland shares.
Hong Hao, head of research and strategy at BOCOM International Securities Ltd., told Caixin that with domestic and international economic data looking good and corporate profits expected to continue rising, Hong Kong stocks as well as stocks in other markets have been pushed upward.
But while the market looks set to continue rising, Hong Kong is entering a “slow bull” phase, Mark To, managing director of Wing Fung Financial Group, told Caixin.
Additionally, in 2018, the drivers of Hong Kong’s stock market growth will gradually change. The automobile and technology sectors, which had the hottest stocks in 2017, are seeing their growth slow, while other sectors like aviation and energy are heating up, To said.
For example, China Petroleum & Chemical Corp.’s share price rose 13.9% in the 12 trading days ending Wednesday before slipping 0.16% on Thursday. The stock’s growth in all of 2017 was only 9.86%.
Contact reporter Teng Jing Xuan (firstname.lastname@example.org)
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