22.07.2014 - The Hong Kong market updated yearly high

Hong Kong market today showed maximum values since the beginning of the year, after fears of a worsening of the situation in Ukraine got little loose. Index added 1.7%, after three days of decline, and this growth was the highest in the last 2 months. China Petroleum & Chemical Corp. was among the top gainers on the background of the report which noted an increase of 8% in the production of oil and gas. Developers that increased amid reports that the largest cities weakened control of the purchase of real estate also supported the market. Despite this, housing prices in most parts of China continue to decline, that maintains the risks for the stock market.

We expect that the growth in the medium term will be replaced by correction and maintain a mid-term negative outlook. It should be noted that Chinese investors continue to monitor the situation in Israel and Ukraine where military operations continue.

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