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December 31, 2016

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HK stocks close the year flat

Hong Kong shares rose around 1 percent yesterday, but the main indexes ended 2016 near where they started after a volatile 12 months, punctuated by Britain’s vote to leave the European Union and Donald Trump’s triumph in the US presidential election.

On the last trading session of the year, the Hang Seng Index added 1 percent to 22,000.56 points, while the Hong Kong China Enterprises Index gained 0.9 percent to 9,394.87.

All sectors in Hong Kong gained ground yesterday, with the raw materials and services sectors among the best performers.

But for 2016, the indexes were roughly flat.

The market suffered a brutal start to the year due to fears that the global economy might slip into recession.

With investors seeking healthy dividends, a subsequent recovery gathered momentum until Britain’s unexpected vote in June to leave the EU briefly upset markets.

Once the Brexit shock faded, the market resumed its uptrend, only to finally run out of steam after Trump’s surprise victory in November.


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