HONG KONG: Valuations have jumped, earnings estimates are up, and forecasters are raising their targets on Hong Kong’s stock market, which has gone from pariah to darling in under half a year.
While investors around the world consider how a strengthening yuan could boost economic growth, the impact is increasingly felt in a city that is entwined with Chinese demand and global risk-on sentiment. Hong Kong shares have gained 11% since a low on Dec. 4, adding US$579bil to market values through Monday and pushing the index back to the level it was trading at last year before political protests escalated.
Buying momentum in Hong Kong has pulled back from overbought territory hit earlier in January while market valuation is close to its 10-year average. The Hang Seng Index, on pace for what would be its first seven-week run of gains since January 2018, has been supported by a number of factors, including cooled local tensions and signs that China’s economy is stabilizing. Meanwhile, the Hong Kong dollar has been rallying and there’s been renewed love for former favourites like Tencent Holdings Ltd., which is at its best since mid-2018 and has made up nearly one-quarter of the Hang Seng Index’s advance since the start of December.
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