HK Stock Market Move | HSBC Holdings (00005) rose by over 3%, its stock price reaching a new historic high. Bank of America is optimistic about HSBC, expecting various catalysts for the bank this year.

HSBC HOLDINGS (00005) rose more than 3%, hitting a high of 139.5 Hong Kong dollars, setting a new historical high. As of the time of this report, it has increased by 3.34% to 139.3 Hong Kong dollars, with a trading volume of 1.599 billion Hong Kong dollars. On the news front, HSBC HOLDINGS recently completed the privatization of HANG SENG BANK. Bank of America Securities estimated that the pre-tax total synergies would be approximately 8 to 9 billion US dollars, including cost and revenue synergies. The bank indicated that HSBC HOLDINGS is one of its preferred targets for this year, as it is expected to see significant growth in its Hong Kong deposits business and Asian wealth management business. HSBC HOLDINGS already has a substantial competitive advantage in these areas, and management has committed to increasing investments in these areas.