Overbuying of China stocks was obvious in the last two weeks. Investors are taking profits gradually, but some are still chasing laggards such as commodity stocks.
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The market will turn its attention back to the interest rate outlook.Castor Pang
The market was not affected by negative news such as (expected) further rate hikes.
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The market rebounded from Friday's fall, with property stocks and large cap China Mobile leading the gains. Tokyo market's rally this morning boosted market sentiment.
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The profit-taking is quite obvious this morning. The current factors and the fundamentals can't support the index to go up further. At this level, the upside is limited.
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Henderson Land's strong gains were due mainly to speculation that it might privatize unit Hong Kong China Gas and launch a real estate investment trust.
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Heavy profit-taking in China Mobile led to the market's fall. Other blue chips were also lower as some investors locked in profits after recent rises.
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