Hang Seng Rises 0.9%, Meituan Leads Gains in Second Session
The Hang Seng Index continued its gains for a second day, rising 0.9%, or 215.79 points, to 25,398.18 in Hong Kong on Monday (June 1). This gain was the largest since May 22, with Meituan the main contributor, surging 6.5%, while Laopu Gold Co. recorded the largest gain, rising 7.7%.
In terms of distribution, 65 of the 90 stocks closed higher and 24 fell, while three of the four sectors ended in the green, led by the commerce and industrials group. This composition indicates a fairly broad rally, although the rally remains led by a few large stocks.
Periodically, the index rose 2.5% during the quarter and gained 9.1% in the past 52 weeks. However, in the short term, the Hang Seng is still down 0.8% in the last five days and down 1.5% in the last 30 days, indicating that the latest rally occurred amidst a short-term trend that has not yet fully recovered.
In terms of valuation, the Hang Seng is trading at a trailing P/E of around 13 times and 11.3 times estimated 12-month forward earnings, with a trailing dividend yield of 2.9% and a constituent market capitalization of around HK$29.6 trillion. Its 30-day volatility edged up to 15.39% from 15.27% in the previous session, but remains below the average for the past month of 18.11%, making it one of the variables being monitored to assess the resilience of further gains. (asd)
Source: Newsmaker.id
