Hong Kong stocks breach yet another 10-year high
Hang Seng Index closes at 28,490.83, up 0.6pc, fuelled by red-hot technology and property stocks
Hong Kong stocks closed on another ten-year record high on Tuesday, fuelled by red-hot technology and property stocks.
The Hang Seng Index pared earlier losses to edge up 0.1 per cent or 26.96 points at 28,353.55 by the midday break and swung up 177 points to peak at 28,503 in the afternoon before closing at 28,490.83, up 164 points or 0.6 per cent.
Hong Kong equities slipped from last week’s record highs on Monday as investors chose to take profits. But share prices bounced back with strong momentum, provided by technology and property stocks.
HSBC emerged as the biggest gainer of the day, edging up 1.4 per cent to HK$78.6 (US$10.07). Its shares once breached HK$79.65, which was a record high in three years.
The strong gain came after the lender said it repurchased 1.0263 million shares in London on Monday at a price range of £7.54 (HK$77.276) to £7.59 per share.
Goldman Sachs raised the target price of HSBC in Hong Kong to HK$87 from HK$83 due to higher forecasts in UK mortgage loan growth and stronger Hong Kong net interest margins.