HSI consolidates at 12500; Yanzhou Coal Mining can be collected

Many big banks in Hong Kong downgraded the economic growth for this year to 1.8% from 2%. Plus, Hong Kong Monetary Authority Joseph Yam kept low-profile in his column. The economic outlook in Hong Kong remained obscure. Besides, US would release employment figure tonight and HSBC Holdings and Hang Seng Bank (0011) announce interim results next Monday, which would be a guideline for the broad market. It is noteworthy that HSBC surged recently, which is expected to render certain support to Hong Kong stocks. HSI would consolidate at the level of 12500 pts. As for shares selection, investors can pay attention to I-Cable Communications (1097), which just won the broadcasting right of the UK Super Football League, and red-chip counter Legend. Concerning the China-related plays, Yanzhou Coal Mining (1171) suffered discarding due to the profit downgrade. Investors are advised to buy it at low since it has dropped to a level for absorption.

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