HSI Down 0.1% Midday; HK Property Stocks Weigh
July 29, 2010 12:17
HSI down 0.1% at 21,067.52 midday, snapping 7-session winning streak (+5.0%), with losses in some HK property stocks after yesterday's land auction offsetting gains in HK banks.
New World Development down 0.7% at HK$14.00, Hang Lung Properties down 0.3% at HK$32.50 but Bank of East Asia +4.8% at HK$30.90, BOC HK +2.3% at HK$20.25. "We expect any pullback to be contained by rotational buying," says Taifook. House suggests buying on dips for basic materials, consumer, property and shipping counters as they are on sustainable uptrend. Volume modest at HK$31.53 billion.
RELATED NEWS :
- 06/09/2010 U.S Data Spurs Rally Hang Seng Above 21000
- 03/09/2010 Hang Seng Seen Sluggish Capped by Resistance 20960
- 02/09/2010 Hang Seng Lead by Wall St. After Better Data
- 01/09/2010 HK Stocks Seen Move Cautious Near 20500
- 01/09/2010 HSI +0.3%, Rangebound Around 20500
- 26/08/2010 HSI Down 0.1% Midday, 20,000 Eyed - Strategist
- 12/08/2010 HSI Down 1.4%, 20.500 Next Support - Prudential
- 04/08/2010 HSI +0.3%; Likely To Test 22,000 N/T – Cinda
- 03/08/2010 HK Stocks May Higher, HSBC in Focus
- 03/08/2010 HSI +0.7%; 21,000-22,500 N/T Range –Taifook