Today is the first day that the Bank of China Tianjin Branch can officially open accounts for Mainland clients to invest directly in HK shares. Investors believe that valuations of H-shares (Mainland issues) will rise to close the gap with their A-share prices.
Construction Bank of China "CCB" (#939) performed strongly on good results and disclosure that it had only minor exposure to the sub prime mess. The Mainland's 3rd largest bank closed at $6.15, the highest level since listing in October 2005.
Shanghai hit its sixth consecutive record closing high. The Mainland market is now 60% more expensive than HK on average.
Market Indices
- Hong Kong Hang Seng: 23,577.73 +2.86%
- Japan Nikkei: 16,301.39 +0.32%
- Shanghai Composite: 5,150.11 +0.83%
- Singapore STI*: 3,388.44 +0.56%
- South Korea Composite: 1,803.03 +0.65%
- Taiwan Weighted: 8,718.31 +0.32%
*Intraday trading
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