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Hong Kong market ends winning streak
By Parvathy Ullatil |
June 16, 2009, Tuesday
|
Print Edition
Print Edition
HONG Kong shares shed 2.1 percent yesterday, snapping a three-session winning streak, knocked down by lower energy prices and profit taking after the main index hit a nine-month high last week.
The light turnover suggested investors were cautious.
The benchmark Hang Seng Index was down 390.72 points to 18,498.96, after hitting a nine-month high above 19,000 points on Friday.
"The market had clearly run ahead of itself - 19,000 points was simply not sustainable and the market will continue to consolidate till its back at 18,000 points," said Francis Lun, general manager with Fulbright Securities. "On the other hand, there is still little selling pressure."
Turnover shrank to HK$65.3 billion from Friday's HK$79 billion, dragging down shares in bourse operator Hong Kong Exchanges & Clearing by 4 percent.
HSBC Holdings gave up 2.7 percent and China Mobile fell 2.1 percent.
The light turnover suggested investors were cautious.
The benchmark Hang Seng Index was down 390.72 points to 18,498.96, after hitting a nine-month high above 19,000 points on Friday.
"The market had clearly run ahead of itself - 19,000 points was simply not sustainable and the market will continue to consolidate till its back at 18,000 points," said Francis Lun, general manager with Fulbright Securities. "On the other hand, there is still little selling pressure."
Turnover shrank to HK$65.3 billion from Friday's HK$79 billion, dragging down shares in bourse operator Hong Kong Exchanges & Clearing by 4 percent.
HSBC Holdings gave up 2.7 percent and China Mobile fell 2.1 percent.
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