Hang Seng Rises 1.3%, Hits Highest Closing Level Since June 24
The Hang Seng Index strengthened again for the second consecutive day in Hong Kong trading on Friday (July 3). The index rose 1.3%, or 295 points, to 23,350.03, marking its highest close since June 24.
Market analysts believe the Hang Seng's strengthening was supported by gains in the trade and industrial sectors, the main market drivers. All sectors traded in the green, with 80 of the 93 stocks posting gains, while 12 others declined.
HSBC Holdings Plc was the largest contributor to the index's rise, rising 1.7%. Meanwhile, Zijin Mining Group Co. recorded the largest gain among index members, with a 9.0% surge.
So far this week, the Hang Seng has risen 3% and is headed for its biggest weekly gain since the week ending April 10. Despite the index's 3% decline over the past 52 weeks, the Hang Seng's valuation remains attractive, with a price-to-earnings ratio of 12 times and a dividend yield of 3.2%, while the total market capitalization of index members reaches HK$27.4 trillion. (asd)
Source: Newsmaker.id
