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

Industry classification *	2016 Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Energy	6.10	6.12	18.83	19.15	17.71	18.23	17.90	17.95	20.38	21.10	20.68	20.74
Materials	11.27	11.53	15.16	15.96	15.23	16.07	16.36	17.00	15.98	16.01	17.27	16.75
Industrials	14.21	14.18	15.27	16.34	13.32	13.18	13.24	14.04	13.89	13.82	14.25	13.89
Consumer Goods	13.94	13.34	14.97	15.31	15.16	16.26	16.64	17.15	17.69	18.19	18.69	17.95
Consumer Services	11.50	14.29	14.58	14.37	14.18	13.90	14.95	14.69	16.18	16.87	17.84	16.84
Telecommunications	13.18	12.90	14.55	14.75	14.53	14.45	15.51	15.53	15.35	14.62	14.04	13.59
Utilities	7.64	7.60	13.97	13.51	13.50	13.71	14.06	14.35	14.27	14.05	13.72	13.10
Financials	7.08	6.99	7.38	7.51	7.39	6.68	6.90	7.49	7.61	7.59	7.78	7.58
Properties & Construction	6.34	6.38	7.75	7.85	7.52	7.74	8.28	8.61	8.96	8.86	8.66	8.26
Information Technology	28.31	28.30	27.98	28.05	32.53	32.75	34.34	37.23	38.86	38.17	36.58	36.41
Conglomerates	5.70	5.57	4.70	4.50	4.44	4.32	4.54	4.78	4.54	4.49	4.54	4.26
All stocks	8.79	8.81	10.14	10.24	10.05	9.75	10.17	10.67	10.89	10.84	10.88	10.53

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