We're seeing some profit-taking of blue chips after Friday's gains but generally the market is very quiet ahead of the release of more U. S. economic data tonight and an expected interest rate hike tomorrow.
More Quotes from Herbert Lau:
Telecom stocks are being buoyed by merger and acquisition news overseas,Herbert Lau
I expect the index to move sideways today as there's a bit of profit taking.
Herbert Lau
People are switching to utilities because there is a lot of uncertainty in the market about how deep the rate cut will be.
Herbert Lau
China Telecom reflects market sentiment. A lot of foreign brokerages have issued pessimistic outlooks on the Hong Kong market in the near term and that is putting pressure on the market.
Herbert Lau
China Telecom is also being hurt by the agreement between the European Union and China on WTO, ... Under the agreement China has given further concessions on the telecom sector that will allow foreign players to come in and that will hurt the longer-term prospects of China Telecom.
Herbert Lau
The market is basically quite quiet. There's some profit-taking after yesterday's surge but overall market sentiment has stabilized somewhat because recent U.S. data has been quite positive and that has allayed fears about an interest rate rise this month.
Herbert Lau
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