Salomon lowers HSBC earnings by 9%

Due to the weak US economy and stagnant global capital market, Salomon Smith Barney downgraded the HSBC Holdings (0005) earnings for 2001 and 2002 by 9% and 10% to HK$6.743 bln and HK$7.223 bln respectively, while reduced the target price to HK$104. However, it still maintained the investment rating of ˇ§leading marketˇ¨.

HSBC Holdings latest stood at HK$93.5, down 0.27% on a turnover of 774,000 shares worth HK$72.25 mln.

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