0651 GMT
[Dow Jones] HSI falls more in afternoon, now down 1.7% at 15,252.59
vs 15,427.31 midday; volume spiking to HK$48.03 billion an ominous
sign, suggesting heavy selling pressure; 15,000 key psychological
support. Weakness in China banks weighing on index, with China
Construction Bank (0939.HK) down 7.4% at HK$4.12 after Bank of
America (BAC) sells down stake; peers suffering collateral damage
with ICBC (1398.HK) down 6.6% at HK$3.99 - duo accounting for about
half of HSI's point drop.
my
personal opinion is that the christmas and new year rally has come
to an end liao.
the STI
begin the day in positive territory but loses ground rapidly and
end 30pts lower in heavy volume.
some would
argue we have seen the bottom, but the rally is more like a dead
cat pounce rather than bottoming. economical data coming are
getting worse throughhout the world. banking sector trouble are not
yet over, escalating tension in middle east will continue to move
oil prices higher.
but of
coz, stock market recover faster than real economic data, but until
there are slight indicators that financial sector credit crisis has
ease or over, real economic data show lower employment data or high
manufacturing output, until then,there is stil no light at the end
of the tunnel.