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Good News for Macau Casinos as Hong Kong Stocks Rise

Good News for Macau Casinos as Hong Kong Stocks Rise

Since former Treasury Secretary Lawrence Summers withdrew his name from consideration as chairman of the Federal Reserve, Hong Kong stocks have risen and the benchmark index has jumped the most in two weeks.

Good News for Macau Casinos as Hong Kong Stocks Rise

The recent jump in the Hong Kong stock market ensures the stability of the gambling industry in Macau.

Tim Leung, from IG Investment Ltd in Hong Kong, said “It clears up the leadership race for the Fed chairmanship.

Vice Chairman Yellen is now most likely the lead runner to succeed Bernanke. That probably means continuing current policy, and the market generally favors continuity than uncertainty.”

The preliminary results of the Macau legislative assembly were announced earlier this week. About 151,881 ballots were cast which translates as a voting rate of 55% for the direct election for 14 of 33 lawmakers.

Jackson Wong, the vice president of Hong-Kong based brokerage, Tanrich Securities Co, said, “The Legislative council election in Macau was done yesterday and Macau stocks are responding very well to that. Since the legislative body was elected, investors perceive it as more stable atmosphere in Macau.”

This is of course good news for gambling fans as it means the casino industry in Macau is able to continue to flourish and expand even further.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.