Pessimism on HK equity market
HONG KONG: Being pessimistic has been the best way to play Hong Kong’s equity market this year.
After the Hang Seng Index’s best start to a month since October 2015, the city’s shares have given back those gains and are now in the red.
The gauge is tracing a pattern that it’s held since October, tempt- ing bulls with a good week only to fall the next. The gauge sank 2.9% yesterday, dipping below its 50-day moving average after trading above that support line for eight consecutive sessions.
Just last month improving momentum turned the city into the world’s best place for equity investors. — Bloomberg