China News Service, Hong Kong, February 9 (Reporter Dai Xiaolu) On February 9, the last trading day of the Lunar Year of the Rabbit, Hong Kong stocks continued their decline, opening lower and moving lower.
The Hong Kong stock market only traded for half a day on the 9th. As of the close, the three major Hong Kong stock indexes collectively fell. Among them, the Hang Seng Index closed at 15746.58 points, down 131.49 points, or 0.83%. The market's full-day turnover was 31.282 billion yuan (Hong Kong dollars, the same below).
On that day, the Hang Seng Technology Index fell 41.33 points, or 1.3%, to close at 3127.22 points; the State-owned Enterprise Index fell 53.29 points, or 0.99%, to close at 5306.79 points.
Data recently released by the Hang Seng Index Company shows that the Hang Seng Index was launched on November 24, 1969. The Hong Kong stock market has entered the fifth zodiac cycle and will welcome the Year of the Dragon on February 10, 2024. The performance of Hong Kong stocks in the upcoming Year of the Rabbit has been poor, making it the worst-performing Lunar Year in recent years and the worst-performing Year of the Rabbit in history. Therefore, the performance in the coming Year of the Dragon is the primary confusion in the minds of many investors.
Ruan Zixi, co-director of investment strategy at Quam Asset Securities, said that Hong Kong stocks have underperformed the world in the Year of the Rabbit, and the profitability of many companies is worrying. He believes that Hong Kong stocks may not improve in the short term at the start of the Year of the Dragon, and he recommends investors to adopt a relatively conservative strategy at the start of the New Year.
Data from the Hang Seng Index Company shows that the performance of the Hang Seng Index in the Year of the Dragon has recorded positive returns in previous zodiac cycles, with an average increase of 14%. In the most recent Year of the Dragon, in 2012, as the world's major central banks relaxed monetary policies to boost market sentiment, the Hang Seng Index recorded a 15% increase that year.
Lu Bingjun, chief strategist of Futu Securities Hong Kong, believes that the Hang Seng Index will show a trend of first low and then high in the Year of the Dragon, and in the first quarter of this year it will inherit the weakness of the previous year and continue to test the low of this year. After that, the Hang Seng Index may A mid-term surge will occur in the second and third quarters of this year, testing this year's high. (over)