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 Hong Kong Bourse Bulls Rejoice at Shanghai Share Link

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Hong Kong Bourse Bulls Rejoice at Shanghai Share Link Vide
PostSubject: Hong Kong Bourse Bulls Rejoice at Shanghai Share Link   Hong Kong Bourse Bulls Rejoice at Shanghai Share Link Icon_minitimeMon Jun 16, 2014 11:48 pm
A plan to link equity markets in Hong Kong and Shanghai is pushing bullish wagers on Hong Kong Exchanges and Clearing Ltd. shares to a three-year high.

With 23.5 billion yuan ($3.8 billion) of daily trading via the tie-up expected to be allowed starting in October, the Hong Kong’s bourse’s revenue will swell on the extra volume, according to BNP Paribas SA. The prospect of the link being expanded to other exchange-traded assets is set to boost profits even more, said Daiwa Securities Group Inc. The cost of bullish bets in the options market are near the highest since 2011 relative to bearish ones, data compiled by Bloomberg on six-month contracts show. The shares advanced 13 percent this year.

Investors are favoring Hong Kong Exchanges, the world’s third-largest bourse operator by market value, as other touted winners from the link including casino stocks drop. The through train, as the deal is known, will open up the mainland market to foreign investors while giving wealthy Chinese investors a route to buy Hong Kong stocks.

“Hong Kong Exchanges is a direct listed beneficiary for the through train,” said Anthony Wong, a Hong Kong-based equity derivatives strategist at BNP Paribas. “Investors can consider monetizing the attractive upside skew.”

Calls betting on a 10 percent gain in Hong Kong Exchanges shares cost 2.8 points more than puts betting on a similar-sized drop yesterday, data compiled by Bloomberg on six-month contracts show. The difference touched 5.7 points on June 13, the most since February 2011.

More: http://www.bloomberg.com/news/2014-06-17/hong-kong-bourse-bulls-rejoice-at-shanghai-share-link.html
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