Profit-taking after yesterday's gains account for the softness in the market today.
More Quotes from Alex Wong:
We should have narrow range trading today with a downside bias on profit-taking.Alex Wong
There are concerns that new competitors like China Netcom and China Telecom will enter the domestic market once 3G services are introduced next year. The focus now is on such uncertainties.
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The market is down on Wall Street's performance but it may rebound from here because Hutchison and Cheung Kong don't seem to have too much downside and China Mobile's share price in the U.S. didn't fall too sharply overnight,
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Gains on Wall Street overnight and in Tokyo this morning helped the market recover.
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The decline today was a disappointing end to the year. The weak performance was attributable to weak Asian stocks as well as profit-taking after recent gains.
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U.S. markets are starting to worry about the earnings of multinational companies in the face of the strong dollar.
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