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| Market Outlook |
Tuesday, July 27, 2010: 11:10 |
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Hang Seng Index closed up 0.1% at 20,839. HSCEI dropped 0.3%. Heavily weighted HSBC (5) rose 0.9% on expectation of strong interim earnings. China Mobile (941) and China Unicom (762) retreated 0.8% and 2.4% respectively. Hong Kong property stocks advanced 0.5%-1.5% given the anticipation of positive land auction results on Wednesday. Foxconn (2038), the best performing constituent of the Hang Seng Index, climbed 6.0%. ABC (1288), which will enter the MSCI China Index on Thursday, added 0.6% but other Chinese banks faced pressure of profit taking. CCB (939), BOC (3988), CMB (3968) and BoComm (3328) declined 0.5%-1.2%. Chinese property developers showed mixed performance. Dongfeng Motor (489) and China Cosco (1919), the best and worst performing constituents of the HSCEI, went up 3.2% and down 2.8% respectively. We believe the Hang Seng Index will close above 21,000 within this week. China Dongxiang (3818, $4.45) 6M Target $5.66 BUY |
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| Previous Market Outlooks |
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This commentary/recommendation is for information only and is not to be construed as investment advice or as an offer to buy or sell securities. While the commentary/recommendation is compiled using sources believed to be reliable, no assurance or guarantee is given regarding its accuracy nor completeness. Neither GCap nor any other Guoco Group companies, (nor any employees or other persons connected with any of them) accepts any responsibility or liability arising from any use of this commentary/recommendation. To the extent permitted under applicable law, the above-mentioned companies or individuals may have used the research materials before publication. However, it is hereby declared that neither GCap nor the writer, at the time of writing, has interest in any of the securities mentioned in this commentary/recommendation. |
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