Benchmark stock served as yardstick for Hong Kong’s rise and its rebounds from various crises. FMTNews HangSeng Stocks
HONG KONG: A mirror to Hong Kong’s fortunes since its 1969 launch, the Hang Seng Index has also become a reflection of China’s economic rise.Commencing as the city recovered from Communist riots two years earlier, it has served as a yardstick for Hong Kong’s rise and its rebounds from various crises – a trait being tested anew as pro-democracy protests convulse the territory.
The gauge’s correlation with the Shanghai Composite Index has been hovering near a record high, according to data compiled by Bloomberg. “I’m still bullish on China’s large-caps, but this segment is more mature,” said Kwong. “I’m more positive on China mid-caps, the opportunities for growth are there. If the Hang Seng Index can be more flexible, it will do well.”
It will also discuss including firms that have shares with different voting rights, held by technology companies like Alibaba Group Holding Ltd – one of the reasons Hong Kong lost out to New York in 2014 for the company’s initial public offering. Hong Kong’s gauge has reflected the city’s growing pains, with crashes during the world oil crisis in the 1970s, the early-1980s impasse between China and Britain during handover talks and financial crises in 1997 and 2008.
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