Strong finish sees confidence in Hong Kong stocks rebound

Financial Secretary Paul Chan Mo-po said he is cautiously optimistic about Hong Kong stocks in the Year of the Snake, though the past Year of the Dragon has gotten Hong Kong's stock market sentiment warmed up, with confidence rebounding for both issuers and investors.

Speaking at Hong Kong Exchanges and Clearing’s (0388) opening ceremony of the Year of the Snake, Chan said the benchmark Hang Seng Index rose nearly 4,500 points, or more than 28 percent over the last lunar year, reflecting the market sentiment has improved.

That has also reversed the downward trend of the three consecutive lunar new years prior and the year was the best performing of the past seven lunar years, he added.

Chan noted that last year's initial public offering raised HK$87.5 billion, up 89 percent from 2023, highlighting the rebound of issuers' and investors' confidence.

STAFF REPORTER