Hong Kong Exchanges and Clearing Overvalued; Markets Assume High Level of Equity Turnover to Persist
With the Hang Seng Index's rally continuing into 2018, daily average trading volume in January so far has averaged close to HKD 140 billion. In line with the traditional perception of the firm as a market proxy, Hong Kong Exchanges and Clearing, or HKEx's, share price has increased close to 20% year-to-date to a high of HKD 298. We believe the share price is getting ahead of itself, and our recommendation was recently lowered to 1 star.At current prices, the market is factoring in the buoyant d...
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