Pressures facing the Hang Seng Index

THE Hang Seng Index's modest gains of 9.1 per cent in 2019 were overshadowed by all three major US indices, as well as the Shanghai Composite Index, all of which recorded gains of more than 20 per cent across the same period.

Much of its unimpressive gains were also recorded only in December, after investors became more certain of the "Phase One" trade deal struck between the US and China.

Compared to the US markets that created multiple new highs in 2019, the Hang Seng Index struggled to return to its peak from January 2018.