Strangely, Jan 17 was also the day when Premier Li Qiang announced China’s economy grew by “around 5.3%” in 2023.
Surely the Hang Seng Index (HSI), which has been on a downtrend since February 2023, is ready for a Chinese New Year rally, or at the very least, a pretty good dead cat bounce.
According to a note by a local research house, the HSI dropped 3.71% on Jan 17, reaching a one-year low of 15,276.9. In terms of declines, the Jan 17 session ranks as the 15th worst daily move since 2019, the note says.
