Hongkong Bourse Continue Rampage
In the final trading day for the year, Hongkong’s stock market madly went after bargain blue chips giving a new variant to the term Christmas shopping. As a result, the index climbed to a record breaking year 37% increase.
The market corrected a bit too much on Friday over fears that China will implement credit tightening measures. Since that didn’t happen, speculation that there are plenty of priced bargains waiting to be bought and the excitement brought by new issues from the mainland among others, made the Hong Kong market very busy on the last day. Despite that, turn over was weak (at only $43.36 Billion) and was way below than 2007’s daily average (of more than US $ 88 Billion).
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