HSBC down; Analysts see downside amid Market Uncertainty

Hurt by the weak U.S. market, HSBC Holdings (0005) led the local market lower in late morning. HSBC fell 2.6% to HK$93 with a turnover of HK$592.5mln, compared with last Friday's full-day of HK$611.9mln. HSBC, Europe's largest bank, lost 11% since the start of this month.The blue-chip index shed 0.57% to 13,444pts.Alton Lau, manager for derivative division at Phillip Securities (HK) Ltd., sees downside for the stock at the current price level. Linus Yip, research manager of First Shanghai Securities Ltd., expects HSBC to remain soft. The stock cannot turn around until it breaks the resistance at HK$96 and the share now is at a price earnings of 15 times for too high under the current market conditions.

Related stock : (5)