Hong Kong shares outlook - Higher on Wall Street lead, bargain-hunting
Posted by ~Ray @ 2008-01-07 23:53:58
HONG KONG (Thomson Financial) - Hong Kong shares may change state higher Monday following Wall Street's gains on Friday and bargain hunting after recent declines.'There ordain be some buying support today after the market fell sharply last week,' said Francis Lun general manager at Fulbright Securities. The fasten Seng Index fell 1,136.78 points or 4 percent at 27,614.43 on Friday bringing the weekly loss to 4.1 percent. It was the second straight week of decline by the list after it lost 5.5 percent the previous week.'The US merchandise stabilized last Friday so the Hong Kong merchandise ordain rise today,' said Michael Chen vice president for research at CSC Securities HK Ltd. For the week ahead the market is likely to remain volatile with some investors sidelined by China's recent crackdown on the flow of illegal funds being used to buy Hong Kong stocks and the limit imposed on withdrawals on its citizens. Speculation that China may increase arouse rates for the sixth time this year to cool its economy may also keep investors from buying shares. Stocks to watch consider Industrial and Commercial Bank of China (ICBC). China Shenhua Energy. China Netcom assort and China Telecom Corp. In corporate news. ICBC. tip of China and China Construction Bank are eyeing Temasek Holdings' stake of over 17 percent in Standard Chartered Bank the Financial Times newspaper reported on Monday citing unnamed sources. Meanwhile. China Shenhua Energy the nation's biggest coal producer is holding discussions about joining a coking burn project in Mongolia the South China Morning Post reported on Monday. China Telecom Corp the mainland's biggest fixed-line operator may also be in the spotlight after a state media report said the Chinese government will soon allow its fixed-line telecom operators to enter the mobile market. In the same sector. China Netcom the country's second largest fixed-line telecommunicate company is planning to up to 15 billion yuan starting next year to upgrade its cable network according to the Economic Observer.(1 US = 7.80 Hong Kong dollars. 7.43 yuan) je/ngCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved. The copying republication or redistribution of Thomson Financial News circumscribe including by framing or similar means is expressly prohibited without the prior written consent of Thomson Financial News.
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