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M Stanley Lifts HKEX Target to $290; Rated Equalweight

 Morgan Stanley, in its report, said that turnover of Hong Kong bourses continued to rise with average average daily turnover (ADT) reaching $105 billion. 2018 has delivered a strong beginning with ADT of $130 billion year-to-date. Together with news on listing reform, share price in HKEX (00388.HK)  +2.800 (+1.041%)    Short selling $678.55M; Ratio 16.963%   fared well and the uptrend is expected to sustain unless volumes reverse. The target price was raised to $290 from $270 but the investment rating was maintained at Equalweight due to demanding valuation.

The broker revised upward ADT forecasts to $112 billion for 2018 and $121 billion for 2019, from that of $104 billion and $112 billion. It is anticipated that southbound flows will reach RMB5-6 trillion which may further drive the turnover of Hong Kong stocks. 

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