Hong Kong’s half-century-old stock-market benchmark has become a victim of poor market timing
this year as consumer and business confidence plunged. The country’s housing market is also going through a deep slump, which has dragged down the Hong Kong-listed shares of many Chinese property developers.
The total value of all publicly traded shares in Hong Kong has more than doubled over the past 11 years, even as the level of the city’s benchmark index is back where it was in October 2011.
“The growth of the market capitalization in the Hong Kong market has been driven by its ability to raise capital for more companies rather than by rises in share prices,” said Redmond Wong, market strategist at Saxo Capital Markets.
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