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March 2, 2024
PI Global Investments

Hang Seng Index’s Worst Slump in 15 Months Has a Silver Lining

(Bloomberg) — Hong Kong stocks may be poised for a near-term rebound after the aggressive selloff on Wednesday, if history is a guide.

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The Hang Seng Index slumped 3.7% — the most in nearly 15 months — with all of its 82 members ending lower. That has pushed the gauge into oversold territory for the first time since August.

In previous such selloffs, the index has gained an average of 3.7% and 5.3% over the following 10 and 20 days, respectively, according to Bloomberg-compiled data going back a decade. Such instances have occurred 19 times during that period.

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