=MARKET BUZZ: China Financials Boost Hong Kong’s HSI By Most In 20 Months
HONG KONG (Feb 14) -- Hang Seng rises 2.3% to 30,515.60, biggest one-day percentage jump since May 2016, as mainland banks and property companies pare month-to-date losses. China Construction Bank, down over 14% this month through yesterday, climbs 4.5%. Industrial & Commercial Bank of China adds 3.5%, paring its decline this month to 8.4%. Hang Seng Bank rallies 7.8% following upgrade by Goldman Sachs. China Overseas Land and Investment leads real estate companies higher, adding 6.6% to trim its decline this month to 7.6%. All but 2 of the current 51 companies on HSI close higher. HSI’s advance to over one-week highs helped by ongoing recovery in US markets. S&P 500 Index rose for the third day overnight and index futures points to another positive day for US benchmark index. Shanghai Composite closes up 0.5% on last of trading before New Year holidays. Markets to reopen on Feb 22. “We believe that China remains attractively valued relative to its strong growth prospects, and parts of the market remain under-researched,” Schroder Investment Management (Hong Kong) Head of Multi-Asset Product of North Asia Jason Yu says. “We favour high growth domestic consumption related names, while looking to avoid sectors with structural excess capacity.”
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