HK market outlook: plunge expected alongside US falling, HSBC to be focus

HK stocks are expected to open low alongside overnight slippery of Wall Street and Nasdaq for market anticipation of unfavorable rate-cut outlook and profit warnings of US companies HK stocks are projected to see a broad drop, in particular those rate-sensitive financial and property stocks.HSBC is expected to undergo significant selling pressure over downgrading by Goldman yesterday. Telecom and tech stocks may see panic selling with adverse affection of profit warning of Ericsson and plunge of Nasdaq.HSI closed at 13776.72pts yesterday, off 417.63pts, on a turnover of HK$8.56 bln. Spot month futures closed at 13759 pts. HSLRI dropped 304.36 pts to close at 14472.36 pts.

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