www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Markets

Bull run in HK set to continue

By Xie Yu (China Daily) Updated: 2015-04-15 07:38

Sustained capital inflows from mainland investors lift sentiment and trigger stock market frenzy, reports Xie Yu in Hong Kong.

Bull run in HK set to continue

The Hang Seng Index drops 454.85 points amid market correction on Tuesday, Hong Kong, April 14, 2015. [Photo / Xinhua] 

Optimism remains high that a sustained rally in Hong Kong stocks will continue, despite the market correction on Tuesday, with analysts expecting further inflows of mainland funds to keep the market on the boil.

The dominance of the large United States-based investment banks, backed by billions of dollars of funds entrusted to them by foreign institutional investors, is facing a stiff challenge from mainland capital that is flowing into Hong Kong since trading resumed on April 8 after the Easter holiday break.

What has happened in Hong Kong since April was unusual, analysts said, noting it could signal the beginning of a new era.

"The Hong Kong stock market used to be dominated and guided by overseas investors. Some companies are undervalued because foreign investors do not give valuations as A-share market investors do. However, this situation is changing as mainland capital is now increasingly having a say on pricing," said Wang Yayuan, a strategist with Shenyin Wanguo Securities Co, based in Hong Kong.

This bull market is "obviously" led by mainland investors, said Kevin Leung, a strategist with Haitong International Securities Group Ltd in Hong Kong.

The real catalyst for the bull run came after mainland mutual funds were permitted to invest in Hong Kong stocks, sources said. The move prompted more mainland investors to relocate money from the A-share market and their bank accounts and use it for buying cheaper Hong Kong shares.

Individual investors, many of whom are dama (well-off middle-aged women), account for 90 percent of the trading volume on the A-share market (compared to 20 percent on the Hong Kong market), and have more than 40 trillion yuan ($6.44 trillion) worth of savings in their accounts, according to China International Capital Corp data. It is a group that nobody dares to neglect.

"The feeling is that investors rushed in and bought in whatever was on the market, regardless of valuation, liquidity, or anything. They did it roughly, something similar to last November, when large capital suddenly flocked into the A-share market and propelled the index higher," he said.

Foreign investors were astonished to see the Hang Seng Index surge by almost 1,000 points and hit a seven-year high last Wednesday, with 29 companies jumping by more than 30 percent, and more than 300 shares by more than 10 percent. The daily quota under the Shanghai-Hong Kong Stock Connect was used up by early afternoon.

Similar situation happened on the following trading day, and the benchmark extended the gains untill Monday, rising by 7 percent in four consecutive trading days.

Small chips with their business in the mainland became the most stunning stars in the past days. Some saw share prices surge by 30 to 40 percent in a day, and saw share prices double in the eight-day run. For example, BBI Life Sciences Corp, which is into genetics business, saw its share price soar by 45 percent and 25 percent last Tuesday and Wednesday, before slumping 8 percent on Tuesday.

Lu Wenjie, an H-share strategist at UBS Securities Co, said: "The so-called 'Hong Kong A shares' are chased by mainland investors, and the logic is very similar to the mainland market. Small chips with attractive stories and prospects win more investment, and they are much cheaper in Hong Kong."

But they do not fit in with the investment style of foreign investors-the latter prefer bigger shares with good liquidity and strong fundamentals, he said.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 欧美专区一区二区三区 | 日韩精品亚洲人成在线观看 | 国产成人精品男人免费 | 国产精品成人aaaaa网站 | 和日本免费不卡在线v | 亚洲国产精品欧美日韩一区二区 | 久久99精品国产免费观看 | 一本色道久久88亚洲精品综合 | 欧美日韩免费播放一区二区 | 美女大片高清特黄a大片 | 欧美日本一区二区三区道 | 国产高清精品自在线看 | 成人午夜爽爽爽免费视频 | 欧美在线高清视频播放免费 | 久久精品国产只有精品6 | 亚洲免费观看 | 久久在线| 国产高清亚洲精品26u | 亚洲 自拍 另类 欧美 综合 | 伊人久久影视 | 国产在线视频一区 | 亚洲国产成人在线视频 | 欧美激情第一欧美在线 | 成人欧美视频免费看黄黄 | 午夜伦y4480影院中文字幕 | 神马午夜不卡 | 国产私拍福利精品视频推出 | 亚洲美色综合天天久久综合精品 | 中国美女一级看片 | 亚洲欧美国产一区二区三区 | 亚洲国产成人久久三区 | 欧美在线视频精品 | 一级片免费在线播放 | 成人精品一区久久久久 | 久久亚洲高清观看 | 黑人边吃奶边扎下面激情视频 | 久久国产精品99久久小说 | 欧洲成人r片在线观看 | 国产免费久久精品99久久 | 国产精品成人一区二区 | 成人在线观看网址 |