March 21 Hong Kong stocks climbed to a near
20-month high on Tuesday, bolstered by continued inflows from
Chinese investors and signs of global economic recovery.
The benchmark Hang Seng index rose for a fourth
straight day, adding 0.4 percent to end at 24,593.12, its
highest close since July 31, 2015.
The Hong Kong China Enterprises Index gained 0.6
percent, to 10,644.15.
The Hang Seng has become the world's best-performing major
equity index this year, having gained nearly 12 percent.
That compares with a roughly 5 percent gain in China's
benchmark index, and a 6 percent advance in the Dow
Jones Industrial Average.
"I think we can call it a bull market, although the pace of
gains will likely be slow as the general mood is still cautious.
It's a slow bull," said Alex Wong, Hong Kong-based director at
Ample Finance Group.
He added that after the Hang Seng broke through a technical
resistance level, its momentum will likely be maintained by
steady money flows from mainland China and perceptions that Hong
Kong share valuations are still relatively low.
Inflows from the Shanghai-Hong Kong Stock Connect were 24.5
percent of Tuesday's daily quota, compared with an average of
about 18 percent in February and 11 percent in January.
Most sectors rose in Hong Kong, with an index tracking
mainland property plays rebounding 3 percent following
the previous day's slump due to fresh property curbs in China.
Shares of Meitu Inc slumped around 9 percent after
a roller coaster ride on Monday.
The Chinese photo app and mobile phone company on Monday was
the most active stock traded by mainland investors through
trading links between mainland cities and Hong Kong.
(Reporting by Jackie Cai and John Ruwitch; Editing by Richard