Bull in HK shares set to continue

Source: Xinhua | 2017-11-23

HONG Kong’s main equity index ended above 30,000 points yesterday for the first time in a decade.

The Hang Seng Index gained 0.62 percent at 30,003.49. It opened at 30,087.19 points in the morning.

Heavyweight HSBC jumped 1.79 percent to HK$76.95 (US$9.87) while the local bourse operator Hong Kong Exchanges and Clearing surged 3.84 percent to HK$254.2.

So far this year, the Hang Seng index has climbed about 35 percent.

Hong Kong stocks have been driven by technology, financial and property stocks this year and the growth momentum is quite steady with no drastic fluctuations, said George Yang, an analyst with Prime China Securities Limited.

Many brokerage strategists forecast the bullish momentum will carry into 2018, supported by appealing valuations and a weak US dollar.

The HSI is less than 2,000 points off its record high seen in October 2007.