MARKET TALK: HSI +0.1%; Market Shows Signs Of Bottoming - TF

9th Jun 2010 03:24

0224 GMT [Dow Jones] HSI +0.1% at 19,506.30, with gains in some China plays (Shanghai Composite last +0.4%) offsetting losses of companies with European exposure, such as HSBC (0005.HK), down 0.2% at HK$71.25, Esprit (0330.HK), down 0.7% at HK$42.00. Taifook notes, local market has shown signs of bottoming out as selling on selected major counters seems to have dried up. "The cheap valuations offer the major support, though negative news flow overseas may continue to cap any possible rallies." Adds, fact that Ho Man Tin site snapped up by Sun Hung Kai Properties (0016.HK), which possesses sound and proven land acquisition strategy, provides reliable indicator that optimism is justified. SHKP flat at HK$103.80, after 2.1% rise yesterday. Some China financial stocks up, with ICBC (1398.HK) +0.2% at HK$5.62, China Life (2628.HK) +0.3% at HK$33.45. Volume thin at HK$5.553 billion. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires June 08, 2010 22:24 ET (02:24 GMT)