Chart of the day: Hong Kong stocks ride rising turnover
An incremental increase in the trading values on the Hong Kong stock market probably means the bull trend on the Hang Seng Index that began in February last year can be sustained. The average daily turnover of the city’s main board has since risen to HK$73.8 billion (US$9.4 billion) last month from HK$38.6 billion on a monthly basis, according to Bloomberg data. Its stock market, Asia’s third-largest after those in mainland China and Japan, has advanced 52 per cent over the past 19 months as lower valuations and a mild pace of interest rate increases by the US Federal Reserve lured investors from across the border and overseas. Net purchases of Hong Kong stocks by mainland investors through the exchange links have totalled 281.9 billion yuan (US$43 billion) so far this year, or a daily average of 1.6 billion yuan, Bloomberg data showed.