It’s over.
Headed into Monday, the Hang Seng had risen for 14 consecutive sessions, the longest string of wins since it was launched in 1969.
And it looked like we were going to make it to 15. But alas, it wasn’t meant to be.
After rising 1% early, the benchmark erased gains abruptly on the way to closing lower, breaking what was one of the more remarkable streaks in an environment where eye-watering rallies have become the norm.
One problem: a commentary in the People’s Daily which threw cold water on the notion that China was set to ease restrictions on the property market. That sent the likes of Country Garden Holdings and Longfor careening lower in the latter part of the session (for a little background see here).
So wave goodbye to Hong Kong’s record-breaking rally or, if the prevailing market environment is any indication, perhaps it’s better to say “wave hello to the next record-braking Hong Kong rally” which will probably start tomorrow.
