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A rebound in China’s onshore market from its lowest since 2009 in afternoon trading supported the street view that A shares couldn’t be any lower and sent fund mangers bargain hunting in Hong Kong.
Shares of dual-listed Chinese firms in Shanghai, which are usually large-cap banks, insurers and developers, are as of Tuesday's close 20 per cent cheaper than their H shares.
The benchmark Hang Seng Index added 32.12 points, or 0.15 per cent, to finish at 21,799.97. Turnover stood at around HK$53 billion.
Goldman Sachs said on Tuesday in a Hong Kong briefing that the Hang Seng has the potential to rise another 18 to 19 per cent in the next 12 month from Tuesday’s close, while A shares may rise 26 per cent net year.
Li Jun, a Shanghai-based strategist with the Central China Securities, however, argued that such a big gain for A shares is “impossible”.
There are 800 firms waiting in line to conduct initial public offerings and restricted shares to be released next year would amount to as much as 200 million yuan. “Those would soak up liquidity,” he said.
Investors flocked to large-cap telecommunications and energy firms in Hong Kong on Tuesday. China Telecom (0728.HK) gained 2.91 per cent to finish at HK$4.24. China Unicom and China Telecom will start selling the hand pieces on December 14 and they have begun accepting pre-orders.
Macau casino operators fell after official data shows gaming revenue in Macau rose 7.9 per cent in November year-on-year to 24.88 billion patacas (US$3.12 billion), but fell 10.1 per cent from October. SJM Holdings (0880.HK) lost 5.8 per cent to finish at HK$17.24.