Hang Seng Index / 恒生指数

The Hang Seng Index / 恒生指数 appears in Vol.269 小历史 | “不要怕，是技术性调整” as the market thermometer for the [[HongKong1973StockMarketCrash|1973 Hong Kong stock market crash]]. The episode says the index moved from roughly 346 in March 1972 to more than 1,700 in March 1973, then fell to around 500 by mid-September 1973.

For this source, the index does not stand alone as a valuation tool. It is the visible price record of a broader cycle involving the [[HongkongLandDairyFarmTakeover|置地饮牛奶]] case, retail chasing, exchange fragmentation, stock-split confusion, and [[HongKongDollarHotMoneyCycle|Hong Kong dollar liquidity shifts]].

Connections

• 1973 Hong Kong Stock Market Crash / 1973年香港股灾 - source crash frame.
• Hong Kong Market Structure, Retail Bull Market Psychology, and Speculative Bubble Psychology - market-behavior context.
• Hongkong Land / 香港置地, Dairy Farm International / 牛奶公司 / DFI, and Four-Exchange Hong Kong Market Fragmentation / 香港四会并列市场碎片化 - case and structure tied to the index path.