Bullish outlook seen as index regains 15,000-point level and turnover rises
With lenders lifting their interest rates to match the increases in the United States, hopes that the cost of borrowing money would soon peak pushed the benchmark index higher for a second day and laid the ground for a more bullish near-term market outlook.
The Hang Seng Index added 82.76 points, or 0.55 per cent, yesterday to finish the day at 15,059.02, above the psychologically critical 15,000-point level for the first time in six days.
Market turnover jumped 16.86 per cent to $22.36 billion, but this was only a 1.91 per cent increase if the $2.86 billion worth of transactions in newcomers Agile Property and China Ting were excluded. The two new stocks rose 17.42 per cent and 6.17 per cent, respectively.
Property stocks were firm in a more favourable interest-rate environment with Henderson Land leading the developers, climbing 2.7 per cent to $36.05.
China stocks were buoyant with the H-share index rising 0.56 per cent on speculation the mainland government will revalue the yuan next month.
