MARKET TALK: HSI +0.5%, Shy Of 21,000; Reporting Season Eyed

26th Jul 2010 03:25

0225 GMT [Dow Jones] HSI just shy of psychological 21,000, last +0.5% at 20,918.68 after earlier touching 20,963.08, tracking gains in U.S. stocks' rally but profit-taking caps upside, given HSI already +3.6% past 4 sessions. Volume strong at HK$7.46 billion in first 15 minutes. HK blue chips starting interim reporting season soon, with Hang Lung Properties (0101.HK), HK Electric (0006.HK) kicking off reporting Wednesday. With positive corporate earnings providing major catalyst for Wall Street's latest upswings, "we are expecting similar earnings-driven rallies in the local market ahead," says Taifook Securities. Esprit (0330.HK) best-performing blue chip, +3.2% at HK$46.95 on continued short-covering; HSBC (0005.HK) +0.8% at HK$77.50 after it passed Europe-wide stress test. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 25, 2010 22:25 ET (02:25 GMT)