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Stocks rally on HK dollar gains Exporter Li & Fung and retailer Esprit advance as foreign investors become more bullish on Hong Kong assets.
(From South China Morning Post)
Byline: markets report Nichole Chan
Stocks climbed yesterday as investors bet strength in the Hong Kong dollar meant global fund managers were bullish on Hong Kong assets.
The Hang Seng Index rose 71.09 points or 0.65 per cent to 10,944.36.
"Overseas investors are now becoming more bullish on Hong Kong dollar assets - both the real and financial assets," Bank of America currency strategist Frank Gong said.
On Monday, the Hong Kong dollar rose to $7.705 against the US dollar - well below the band of 1 per cent from the pegged rate of $7.80.
The sudden strength in the Hong Kong dollar …
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