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Hong Kong shares rally to 3rd consecutive record

Hong Kong shares rally to 3rd consecutive record

Hong Kong shares rallied to a record high for the third consecutive session, on the back of strong fund inflow and rotational buying in blue-chips.
The blue-chip Hang Seng Index rose 276.18 points, or 1.4 percent, to 20,001.91 _ the first time the index has risen above the 20,000 point.
Analysts said strong fund flows into laggards in the market drove an overall rise in the market.
Laggards among Chinese banks, such as BOC Hong Kong, the Hong Kong-listed arm of Bank of China, rose 8.4 percent to HK$21.0. Bank of Communications climbed 1.6 percent to HK$9.63.
Hong Kong-listed Chinese stocks, called "H" shares, rallied 1.02 percent to 10,363.28 points _ a record high for the second consecutive session _ on hopes of yuan appreciation and a potential tax unification reform.
Analysts said the buying momentum for Chinese stocks is so strong that it offset profit-taking activities after yesterday's rally.
"You only experience this kind of market craziness perhaps every five or six years," says Alex Wong, a fund manager of Shenyin Wanguo Asset Management.
But some Chinese banks fell, as investors were beginning to see their valuations as too high, traders said. China Construction Bank dropped 0.2 percent to HK$5.1, while Industrial and Commercial Bank of China fell 1.2 percent to HK$4.92.
China Netcom plunged 15.52 percent to HK$21.50, as punters cashed out after the stock soared 30.8 percent Wednesday on speculation it may buy assets from rival China Unicom.
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On the Net:
http://www.hkex.com.hk


Updated : 2021-04-14 10:48 GMT+08:00