Monkey magic points to rally
The Chinese year of the monkey looks auspicious, says CLSA's self-styled wicked sorcerer of the east, Kenny Lau.
In its annual Feng Shui Index report, entitled Monkey Magic, CLSA predicts that the Hong Kong market's rally will continue this year helped by the emergence of fire and gold elements that will bring special fortune to the technology and financial services sectors, according to Lau, a senior research analyst.
The last year of the monkey, 1992, was certainly a prosperous one, with Hong Kong's Hang Seng Index up 20%.
Despite having its tongue well in its cheek, the Feng Shui Index has an impressive record. Last year's report for the year of the goat, Capricorn Rising, said 2003 would be an inflection point for Hong Kong. Sars marked the nadir of a period of misfortune for Hong Kong that began with the handover to China. After Sars was brought under control the Hang Seng soared ? a true turn of fortune.