Hang Seng, Extends Its Rally at 22,657

HSI extends its rally in the afternoon and is +1.6% at 22,657.92, but the index’s rise is not very indicative of underlying strength as individual stocks and sectors are rallying much more than the index. These sectors include stocks which recently took a heavy beating due to exposure to Japan, including the likes of Shanghai Electric (2727.HK) and Lenovo (0992.HK) — both are up more than 5%. Stocks with strong momentum or which just reported strong results are rallying as well; these include Weiqiao Textile (2698.HK) and China State Construction International (3311.HK). Overall, although the market volume is not terribly exciting at HK$62.16 billion, the underlying sentiment is a lot better than the index and trading volume suggests. (DJNW)


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