MARKETS & INVESTING | Staff Reporter, Hong Kong

No way but up: HSI flies past 2007 record

The Hang Seng Index climbed 1.8% to 31,904.75.

According to Bloomberg, Hong Kong stocks have flown past their 2007 closing peak to a record.

The Hang Seng Index climbed 1.8% to 31,904.75 on Tuesday, exceeding the top reached in October 2007 though still short of its all-time intraday high of 31,958.41. It slipped 0.1% on Wednesday.

To JPMorgan Chase & Co.’s private bank, there are plenty of reasons this rally has further to run. For one, the city’s equity market -- the world’s fourth-largest -- has spent most of the years since the global financial crisis lagging major peers. The bursting of China’s stock bubble and a plunging yuan in 2015 in particular undermined investor confidence. By the end of 2016, the Hang Seng Index was at its lowest level relative to the S&P 500 Index in 13 years.

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