I was plain wrong on that call but hey, errare humanum est ! New day, new luck. Hangseng resistance 20532.00 / 20912.00. Support 20155.00 / 18931.00 I am just mentioning the important S/R lines. GL+GT
HSBC Holdings and unit Hang Seng Bank are scheduled to issue their first-half results Monday. HSBC gained 4.6% to HK$77.10. The bank is expected to report a 10% drop in first-half net profit to US$2.85 billion, according to the average forecast of six analysts surveyed by Dow Jones Newswires. Hang Seng Bank rose 0.7% to HK$125.90. http://www.hsbc.com/1/2/investor-relations/presentations-webcasts/2009-interim_results
HONG KONG (Dow Jones)--Profit-taking in property companies and falls in mainland financial firms on concerns about a slowdown in lending pulled Hong Kong shares lower Tuesday, but a strong gain in index heavyweight HSBC curbed the market's decline following its better-than-expected first-half earnings report. Analysts said they expect the local market to fall further in the near term as the benchmark index has risen 62% since the beginning of March. The Hang Seng Index fell 10.83 points, or 0.05%, to 20,796.43, after gaining 3.3% in the past three sessions. It traded between 20,748.61 and 21,196.75 Tuesday. Turnover rose to HK$95.85 billion from HK$77.89 billion Monday. Tanrich Securities investment manager Jackson Wong said he expects the index to stay in the 20,400-21,400 range in the near term. He said investors will grow more cautious as the index approaches the 21,317-point level, the mid-point between the index's post-crisis low of 10,676 hit on Oct. 27, 2008, and its all-time high of 31,958 reached on Oct. 30, 2007. 'Investors may reduce their positions when the index trades above 21,000 points,' Wong said. Peter Lai, sales director at DBS Vickers, said he expects the index to find support at 18,200. 'We are now in a market where liquidity is so strong that we can say it is overbought,' he said. 'The upbeat sentiment may not be sustainable as investors are looking for a reason to take a breather.' Profit-taking in property companies weighed on the market. Heavyweight Cheung Kong fell 2.6% to HK$97.45 after gaining 1.7% in the past three sessions, while Hang Lung Properties dropped 3% to HK$27.45, following an 8% rise in the previous three sessions. Declines in mainland lenders also limited gains on concerns China's banking regulator may stop allowing banks to count subordinated debt held by other lenders as part of their capital base, which could restrain lending. Industrial & Commercial Bank of China, the country's largest lender by assets, fell 3.2% to HK$5.41 and China Construction Bank declined 1.6% to HK$6.16. GCL-Poly Energy fell 3.8% to HK$3.27 after it said it planned to raise HK$3.68 billion by selling 1.3 billion new shares to pay down debt related to the acquisition of a solar-cell parts maker. Heavyweight HSBC jumped 7.0% to HK$83.10, cushioning the benchmark index's drop, after it reported first-half net profit fell a less-than-expected 57% to US$3.35 billion. Chalco, China's biggest alumina and aluminum producer by output, rose 3.3% to HK$9.99 after it raised its spot alumina price by 4.3% to CNY2,400 a metric ton from CNY2,300 a ton Monday. -By Yvonne Lee, Dow Jones Newswires; 852-2802-7002; yvonne.lee@dowjones.com
HSI Futures down 543 points. Good morning Hangseng ! http://www.aastocks.com/en/default.aspx Shanghai down 1,64 %.