Hong Kong Stocks Rise Second Day
Bloomberg, (28/5) -- Hong Kong stocks rose for a second day, rebounding
from last week’s losses on below-average trading volume, as Hengdeli
Holdings Ltd. jumped after China agreed to cut import tariffs on Swiss
watches and China Taiping Insurance Holdings Co. surged.
The Hang Seng Index rose 0.3 percent to 22,741.82 as of 2:19 p.m. in Hong Kong, climbing for a second day after dropping 2 percent last week. Volume on the gauge was 53 percent below the 30-day intraday average. The Hang Seng China Enterprises Index of mainland companies gained 0.6 percent to 10,819.32.
“Hong Kong’s market is continuing yesterday’s rebound as we’re trying to recover last week’s losses,” said Jackson Wong, vice president of Hong Kong-based brokerage Tanrich Securities Co. “I recommend investors focus on Hong Kong fundamentals because we are relatively cheap compared to other markets.”
The Hang Seng Index rose 0.3 percent to 22,741.82 as of 2:19 p.m. in Hong Kong, climbing for a second day after dropping 2 percent last week. Volume on the gauge was 53 percent below the 30-day intraday average. The Hang Seng China Enterprises Index of mainland companies gained 0.6 percent to 10,819.32.
“Hong Kong’s market is continuing yesterday’s rebound as we’re trying to recover last week’s losses,” said Jackson Wong, vice president of Hong Kong-based brokerage Tanrich Securities Co. “I recommend investors focus on Hong Kong fundamentals because we are relatively cheap compared to other markets.”
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