All of a sudden, the mood in Hong Kong seems to have shifted. The $5.2 trillion stock market is on its longest winning streak since 2018, with Chinese technology giants Tencent Holdings and Alibaba Group Holding among the top contributors. Notably, the sharp advance took place in the first few days of May, when mainland bourses were closed for public holidays and Chinese investors were away. It was a clear sign that foreigners were the buyers.
Is this bull market for real? It’s a trillion-dollar question.
Two fears — of getting caught and of missing out — are driving this rally.