The Hang Seng soared 506 points or 2.33% to a 12-week high of 22,225 in early trade on Monday, up for the third session, boosted by reports that the PBoC today has made the biggest daily cash injection into the banking system in almost three months to ease pressure from rising cash demand toward the end of H1. The central bank said in a statement that it had injected CNY 100 billion worth of 7-day reverse repos, the biggest daily injection since March 31st. In the US, stocks rallied Friday as expectations of higher and faster rate hikes eased. On the pandemic side, Shanghai will gradually resume dining-in at restaurants from June 29th in low-risk areas and areas without any community-level spread of COVID-19 during the prior week. Gainers were across the board, led by consumers, technology, and basic materials. Among single stocks, Alibaba Holdings jumped 5%, Tencent added 3.1%, while Meituan and Xiaomi surged 4.6% and 10%, each.
Historically, the Hong Kong Stock Market Index (HK50) reached an all time high of 33484.08 in January of 2018. Hong Kong Stock Market Index (HK50) - data, forecasts, historical chart - was last updated on June of 2022.
The Hong Kong Stock Market Index (HK50) is expected to trade at 20726.50 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 18013.79 in 12 months time.