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

Industry classification *	2016 Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	2017 Jan
Energy	6.12	18.83	19.15	17.71	18.23	17.90	17.95	20.38	21.10	20.68	20.74	21.96
Materials	11.53	15.16	15.96	15.23	16.07	16.36	17.00	15.98	16.01	17.27	16.75	19.40
Industrials	14.18	15.27	16.34	13.32	13.18	13.24	14.04	13.89	13.82	14.25	13.89	14.83
Consumer Goods	13.34	14.97	15.31	15.16	16.26	16.64	17.15	17.69	18.19	18.69	17.95	18.62
Consumer Services	14.29	14.58	14.37	14.18	13.90	14.95	14.69	16.18	16.87	17.84	16.84	17.66
Telecommunications	12.90	14.55	14.75	14.53	14.45	15.51	15.53	15.35	14.62	14.04	13.59	14.42
Utilities	7.60	13.97	13.51	13.50	13.71	14.06	14.35	14.27	14.05	13.72	13.10	13.77
Financials	6.99	7.38	7.51	7.39	6.68	6.90	7.49	7.61	7.59	7.78	7.58	7.92
Properties & Construction	6.38	7.75	7.85	7.52	7.74	8.28	8.61	8.96	8.86	8.66	8.26	8.73
Information Technology	28.30	27.98	28.05	32.53	32.75	34.34	37.23	38.86	38.17	36.58	36.41	38.70
Conglomerates	5.57	4.70	4.50	4.44	4.32	4.54	4.78	4.54	4.49	4.54	4.26	4.50
All stocks	8.81	10.14	10.24	10.05	9.75	10.17	10.67	10.89	10.84	10.88	10.53	11.09

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