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12 months of the Dragon correct for stock market: Paul Chan

Financial chief Paul Chan on Wednesday painted a rosy portray of the stock market on the first procuring and selling day after the Lunar Fresh 12 months vacation.

Talking at the bourse operator’s opening ceremony, Chan said outdated years of the dragon, or loong, had proved to be correct for the stock market and there is motive for optimism for this 12 months as effectively.

“The past four Years of the Loong had been rewarding for Hong Kong stocks. In 2012, the Grasp Seng Index rose 15 percent thanks to the easing of monetary insurance policies by the critical central banks in the field, and better investor mood,” he said.

“There may well perhaps simply be some things in fashioned with this 12 months of the dragon. The market usually believes that hobby rates in Europe and the United States possess peaked and may well perhaps simply frequently tumble befriend. Also the economy on the mainland is stabilising and bettering. These are correct for investor sentiment and the asset market.”

Chan said he’s “cautiously optimistic” in regards to the metropolis’s prospects.

He said Hong Kong is determined to grow as a “gigantic connector” as many enterprises in actuality feel a need to detect the Asian market and space up headquarters in the sphere due to the geopolitical space and changes in the international provide chain.

Meanwhile, outgoing chairwoman of Hong Kong Exchanges and Clearing Laura Cha disregarded pessimistic remarks that the metropolis is “over”.

Cha said whereas Hong Kong is facing external challenges, the metropolis’s strengths which possess made it a international monetary centre possess no longer changed and the SAR is bettering its competitiveness as a market.

“Let me moral explain that in the past a long time, there had been every now and then predictions that Hong Kong has advance to its cessation. We’ve got each time confirmed them scandalous. Whatever the gap, however detrimental the necessities, external prerequisites are, Hong Kong has constantly been ready to advance befriend befriend and attain contemporary heights,” she said.

Nicolas Aguzin, who’s stepping down as the bourse operator’s CEO in Could perhaps well, also said he’s terribly confident that Hong Kong will proceed to thrive as a international monetary hub in the long term.

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