Hong Kong shares rose for the 3rd straight day and hit a nine month high as investor confidence grows
The 19,000 point barrier was reached for the first time this year
Analyst Comments :-
• "Pushing the index above 19,000 points was crucial to creating the impression that this is a bull market," said DBS Vickers director Peter Lai.
• "But at this level selling pressure is very high. Funds that bought into the market at 12,000-13,000 points have already begun to take profit," he said.
Banks Leading the Revival :-
• Global lender HSBC climbed 3.2 percent to HK$69.65,lifted by encouraging retail sales and jobs data from the U.S.
• Chinese bank stocks jumped after data showed new yuan lending rose in May, in line with expectations
Asia is proving to be very resilient in these present times of economic turmoil!