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Average price earnings ratios (times) by Hang Seng Industry Classification System
(Month-end figures)

Industry classification *	2015 Nov	Dec	2016 Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct
Energy	6.87	6.59	6.10	6.12	18.83	19.15	17.71	18.23	17.90	17.95	20.38	21.10
Materials	12.62	12.70	11.27	11.53	15.16	15.96	15.23	16.07	16.36	17.00	15.98	16.01
Industrials	16.69	16.58	14.21	14.18	15.27	16.34	13.32	13.18	13.24	14.04	13.89	13.82
Consumer Goods	16.08	15.99	13.94	13.34	14.97	15.31	15.16	16.26	16.64	17.15	17.69	18.19
Consumer Services	12.36	12.73	11.50	14.29	14.58	14.37	14.18	13.90	14.95	14.69	16.18	16.87
Telecommunications	13.67	13.54	13.18	12.90	14.55	14.75	14.53	14.45	15.51	15.53	15.35	14.62
Utilities	8.40	8.49	7.64	7.60	13.97	13.51	13.50	13.71	14.06	14.35	14.27	14.05
Financials	8.18	8.26	7.08	6.99	7.38	7.51	7.39	6.68	6.90	7.49	7.61	7.59
Properties & Construction	6.98	7.21	6.34	6.38	7.75	7.85	7.52	7.74	8.28	8.61	8.96	8.86
Information Technology	31.47	30.79	28.31	28.30	27.98	28.05	32.53	32.75	34.34	37.23	38.86	38.17
Conglomerates	6.59	6.61	5.70	5.57	4.70	4.50	4.44	4.32	4.54	4.78	4.54	4.49
All stocks	9.85	9.90	8.79	8.81	10.14	10.24	10.05	9.75	10.17	10.67	10.89	10.84

* Industry classification is provided by Hang Seng Indexes Company Limited.