The Hang Seng Index closed up 357 points or 1.49 per cent at a record 24,310, after reaching an intraday high of 24329. The total market capitalisation of Hong Kong stocks also exceeded $18 trillion for the first time yesterday at $18.148 trillion.
While some commentators are castigating the HK Government for intervening in the market by buying 5.88% of the HKEx, investors were looking for the next stock to benefit from government intervention. Attention seem to be focused on the listed Mass transit Railway (MTR) ahead of a crucial vote on the merger with the unlisted Kowloon and Canton Railway Corporation (KCRC). Another candidate is the Link REIT which is under pressure from hedge funds to raise rents on shopping centres used by low income housing residents.
Market Indices
Hong Kong Hang Seng 24310.14 + 1.49%
Japan Nikkei 15797.60 - 0.50%
Shanghai Composite 5172.62 + 1.15
Singapore STI 3506.09 + 0.33%
South Korea Composite 1813.52 - 1.83%
Taiwan Weighted 9018.12 + 0.17%
*Intraday trading
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