STOCKWATCH: First Shanghai stop loss at HK$0.4

First Shanghai Investments (0227) rebounded in a declining market but turnover was on the weak side and resistance pressure was met at the 50 and 100-day moving average line. Given the current market condition, rebound headspace should be limited and it is advisable to reduce hold while high. The possibility of further decline is not to be ruled out. Short-term investment should stop loss at HK$0.4.

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