Hong Kong stocks end record high at 31,983 points

Source: Xinhua| 2018-01-17 18:13:04|Editor: Zhou Xin
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HONG KONG, Jan. 17 (Xinhua) -- Hong Kong stocks closed up 0.25 percent at 31,983.41 points on Wednesday, reaching the highest ever point since Oct. 30, 2007.

The turnover totaled 178.26 billion Hong Kong dollars (about 22.8 billion U.S. dollars) on Wednesday, the 12th successive trading day with a turnover above 100 billion Hong Kong dollars.

Hong Kong stocks broke another record one day ago. The benchmark Hang Seng Index closed up 1.81 percent to 31,904.75 points on Tuesday, hitting a record closing high.

Hong Kong stocks breaking a record that had been in place for more than 10 years reflects the fact that China's economic reforms have achieved initial success and its economic operational risks have been put under effective control, said George Yang, chief macro-economist of Prime China Securities Ltd.

Yang forecasts that Hong Kong stocks will be further promoted by the development of new economy.

Yip Mow Lum, chairman of Bright Smart Securities, said that Hong Kong stocks has been performing impressively this year thanks to a large influx of capital from the Chinese mainland.

He expects the Hong Kong stock market to be further activated this year after Hong Kong Exchanges and Clearing (HKEx) concludes its rule reform to allow new economy companies to list dual-class shares here.

HKEx announced a listing rule reform in December, which will allow biotechnology companies without revenue and other new economy companies with dual-class shares to list in Hong Kong in the second half of 2018.

HKEx Chief Executive Charles Li Xiaojia told Xinhua on the sidelines of the 11th Asian Financial Forum on Tuesday that HKEx is currently preparing for a market consultation on the rule change, which is expected to start after the Chinese Lunar New Year, falling on Feb. 16.

After the consultation is completed, HKEx plans to announce the new rules in early June and start to accept applications for listing from new economy companies by the end of the month, Li said.