Hong Kong stock market seeks to maintain impetus in the Year of the Snake
Financial Secretary Paul Chan says he is cautiously positive about the Hong Kong stock market in the Year of the Snake
Hong Kong’s financial leaders greeted the Year of the Snake with fanfare on Monday, hoping that foreign investors return to the market in greater numbers amid a jittery start to the new year.
“I am cautiously positive about the Hong Kong stock market in the Year of the Snake and will be pleased to see it grow,” Financial Secretary Paul Chan Mo-said during a ceremony organised by bourse operator Hong Kong Exchanges and Clearing (HKEX) to mark the first trading day of the Lunar New Year.
“With bold support from the Central government and resilience of various sectors, we [will] endeavour to handle challenges and seek opportunities to continue to boost Hong Kong’s attractiveness and competitiveness as a listing platform,” Chan said.
In the Year of the Dragon, the benchmark Hang Seng Index rose nearly 4,500 points, or more than 28 per cent, reversing three consecutive lunar-year declines, according to Chan. He added that technology stocks would be a bright spot for investors.
Given challenges such as geopolitical tensions, tariffs from the US and a slower-than-expected pace of interest-rate cuts, Chan said investors “must be as flexible as a snake, be sensitive to crises and changes [as] obstacles cannot stop us from going forward”.
