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

Industry classification *	2016 Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	2017 Jan	Feb	Mar
Energy	19.15	17.71	18.23	17.90	17.95	20.38	21.10	20.68	20.74	21.96	21.33	33.53
Materials	15.96	15.23	16.07	16.36	17.00	15.98	16.01	17.27	16.75	19.40	18.91	14.28
Industrials	16.34	13.32	13.18	13.24	14.04	13.89	13.82	14.25	13.89	14.83	14.92	14.72
Consumer Goods	15.31	15.16	16.26	16.64	17.15	17.69	18.19	18.69	17.95	18.62	19.18	17.70
Consumer Services	14.37	14.18	13.90	14.95	14.69	16.18	16.87	17.84	16.84	17.66	18.17	24.51
Telecommunications	14.75	14.53	14.45	15.51	15.53	15.35	14.62	14.04	13.59	14.42	14.13	16.17
Utilities	13.51	13.50	13.71	14.06	14.35	14.27	14.05	13.72	13.10	13.77	14.34	15.95
Financials	7.51	7.39	6.68	6.90	7.49	7.61	7.59	7.78	7.58	7.92	9.06	9.40
Properties & Construction	7.85	7.52	7.74	8.28	8.61	8.96	8.86	8.66	8.26	8.73	9.23	9.25
Information Technology	28.05	32.53	32.75	34.34	37.23	38.86	38.17	36.58	36.41	38.70	39.21	35.52
Conglomerates	4.50	4.44	4.32	4.54	4.78	4.54	4.49	4.54	4.26	4.50	4.52	9.06
All stocks	10.24	10.05	9.75	10.17	10.67	10.89	10.84	10.88	10.53	11.09	11.83	12.99

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