Hong Kong Stocks Rise for Third Consecutive Day at Start of Year of the Dragon
The Hang Seng Index in Hong Kong returned to 16,000 points on February 16, with the Hong Kong stock market rising for the third consecutive day at the start of the Year of the Dragon. As of the close, the Hang Seng Index was at 16339.96 points, up 395.33 points, or 2.48%, with a full-day turnover of 70.658 billion yuan (Hong Kong dollars).
On the same day, the Hang Seng Technology Index rose 119.63 points, or 3.71%, to close at 3342.73 points, while the State-owned Enterprise Index rose 147.92 points, or 2.73%, to close at 5558.86 points.
Ye Zeheng, an analyst at the Securities Business Department of Industrial and Commercial Bank of China (Asia), noted the increase in interest in Hong Kong stocks, with the market turnover increasing significantly. However, Ye Zeheng also pointed out that the mainland is still in the Spring Festival holiday, and the stock market is suspended, leading to a week-on-week decrease in the average daily trading volume of Hong Kong stocks of more than 33%.
Industrial Securities International analysis pointed out that Hong Kong stocks performed well amidst the good news. The Hang Seng Index rose to the highest level since mid-January and broke through the 50-day moving average for the first time since November 23 last year. The trading volume of Hong Kong stocks also increased significantly.
Looking ahead, Ye Zeheng noted that the Hang Seng Index closed above the 50-day moving average level and the market turnover increased significantly, indicating a gradual inflow of funds into the Hong Kong stock market. Ye Zeheng also highlighted the upcoming peak period for companies to announce their results, advising investors to pay attention to provisions and share repurchases.