MSCI Hong Kong Enters Bull Market as Property Shares Advance
- Investors buying stocks that dropped too much: Baring Asset
- Casino operators lead rebound on Macau revenue optimism
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MSCI Inc.’s measure of Hong Kong stocks entered a bull market, with property developers and casinos leading a rally from a three-year low reached in January.
The MSCI Hong Kong Index advanced 1.1 percent at the close on Wednesday, 21 percent above the closing level on Jan. 21, when it dropped to the lowest level since September 2012. Casino operator Wynn Macau Ltd. jumped 76 percent during the period, leading gains amid speculation industry revenue will improve. Sino Land Co. and New World Development Co. rallied at least 38 percent on optimism the Federal Reserve will hold off on raising interest rates this year.