Hong Kong Market Latest
With the expansion of vaccination against the new coronavirus and the continuation of monetary easing in major countries, expectations for normalization of economic activities are strong. In addition, the Chinese mainland market will resume trading from today after the week-long holidays of the Chinese New Year. Along with this, “Minato-dori” (Southbound Trading), in which mainland investors buy and sell Hong Kong stocks through a mutual trading system, will resume, and it is expected that the inflow of funds from mainland China will boost the market price.
However, the Hang Seng Index continued to grow for 7 business days until the day before, surpassing the psychological milestone of 31,000 points, and since June 12, 2018, it has hit a high for the first time in about 2 years and 8 months on a closing price basis. Profit-taking sales can weigh on the market.
The NY stock market on the 17th was very cheap. The Dow Jones Industrial Average closed for the third straight day, with the help of the FOMC minutes showing the prolongation of accommodative monetary policy. American Depositary Receipts (ADRs) for Hong Kong stocks closed on the same day, with HSBC (00005) and Mengniu Dairy (02319) closing above Hong Kong’s closing price, while Tencent (00700) and Alibaba Group (09988) closed.
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