STOCKWATCH: Hong Kong market quiet; Rebound baffled

Hong Kong stocks were churning yesterday and plunged by 143 pts to close at 14177 over a withered turnover of a mere 7.8 billion. Whereas future trend still depends on US influence, sturdy stocks will see some breathing space. However, since banking and property stocks have already accumulated some plus points and the telecom sector is still weak, Hong Kong waters are still going to be choppy in the foreseeable future. As reflected in the charts, all technical indicators of the HSI are still on the weak side. And, with turnover being so meagre, there is insufficient power to generate rebound in the near future: instead, there will be a need for consolidation. The HSI is expected to hover between 13900 and 14500.

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