Index negative for March

HSBC Markets Hong Kong Bond Index has shown a negative monthly return of 0.78 per cent in March, but a year-on-year gain of 10.56 per cent. The annual return on non-government debt was 11.81 per cent, above the 8.53 per cent seen in Government issues. HSBC Markets also unveiled a modified Hong Kong Bond Index. The index reflects the profitability of domestically traded Hong Kong dollar debt securities. The previous index showed market capitalisation and ignored return. George Leung, senior economist at HSBC Markets, said: 'The new index excludes debt securities with less than a year to maturity.'