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Can the Year of the Dog lift struggling Hong Kong stocks?
The HSI has moved at least 30% up or down during the canine Chinese zodiac.
Bloomberg reports that the Year of the Dog may be boon or bane for struggling Hong Kong stocks as it has historically ushered in eventful periods for the market with the equity benchmark Hang Seng Index registering a gain or loss of at least 30% during each of the past four calendar years of the canine Chinese zodiac.
In 1970, stocks kicked off the year with a good start to peak at almost 40% by year-end.
However, in 1982 and 1994, the market started on low footing with the downtrend extending to December with stocks plunging to almost -40% by December.
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