Hong Kong Chief Executive Carrie Lam, wearing a mask due to the ongoing global outbreak of the coronavirus (Covid-19), is speaking to reporters during a news conference in Hong Kong on Tuesday (May 26). - Reuters
HONG KONG: Hong Kong’s rallying stock market is defying predictions of the death of the city in the wake of a new security law.
The Hang Seng Index jumped 7.8% in the three days after the law was imposed on July 1, its biggest rally since April 2015, and entered a bull market on Monday. The advance was led by mainland Chinese firms listed locally, with Geely Automobile Holdings Ltd. and China Life Insurance Co. jumping more than 29%, but Hong Kong firms have also seen sharp gains. The benchmark slipped 0.3% Tuesday, with volume almost three times the average for this time of day.
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