Hang Seng Soars, Lenovo Leads 22% Gain
The Hang Seng Index rose 0.7% to 25,182.39 in Hong Kong trading on Friday (May 29), reversing a 1.3% decline in the previous session. The gains were evenly distributed, with 64 of 90 stocks gaining and all sectors closing higher, led by the commerce and industrials group.
Lenovo Group was the largest contributor to the index's gains and recorded the most notable move, surging 22.0%. Lenovo's strong gains helped boost sentiment, while the commerce and industrials sector's leadership underscored broader market support.
Despite today's gains, the Hang Seng still recorded a 2.3% decline for the month. Weekly, the index is down 1.7% and is on track for its biggest decline since the week ended March 6. Over the past 52 weeks, the Hang Seng has gained 6.8%, compared with a 41% gain for the MSCI AC Asia Pacific Index over the same period.
In terms of valuation and risk, the Hang Seng is trading at a trailing P/E of 13 and 11.2 times estimated one-year forward earnings, with a 3.1% dividend yield (12-month trailing) and a member market capitalization of approximately HK$29.4 trillion. Its 30-day price volatility fell to 15.27% from 16.07 in the previous session, lower than the 18.74 average over the past month. The market will monitor whether this decline in volatility and breadth of strength continues, especially after the weekly performance pressure. (asd)
Source: Newsmaker.id
