hong-kong-market-closes-above-pretech-bubble-highs

Hong Kong market closes above pre-tech bubble highs

Fundamentals are more supportive this time around and the current momentum suggests further upside, market watchers say.
It took six-and-a-half years but yesterday November 1 Hong KongÆs benchmark Hang Seng Index closed above the highs reached during the tech bubble, driven by a strong performance from index heavy-weight HSBC Holdings.

The index rose 0.7% on the day to finish at 18,453.65 points, well above the intraday high of 18,397 set on March 28, 2000. It also extended the all-time intraday high set last Friday by advancing to 18,494.95 an hour before the close. YesterdayÆs gain means the index has risen 24% so far this year, making it the best performer among the regionÆs major markets û ahead of Tokyo, Seoul, Taipei, Singapore and Sydney.

The breakthrough surprised some observers who had expected...
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