MARKET TALK: HSI +0.9%; May Test 21,400-21,600 N/T -Prudential

28th Jul 2010 07:57

0657 GMT [Dow Jones] HSI +0.9% at 21,164.31, led by gains in heavyweight HSBC (0005.HK), last +2.0% at HK$80.45 due to news Basel 3 proposals watered down. Prudential's associate director Alvin Cheung expects HSI may test 21,400-21,600 ahead if it manages to stay above 21,000. "Buying interest in HSBC ahead of its interim results (due Monday after market close) is expected to support the Hang Seng Index in the near-term." HK developers higher with government land auction expected to start soon (at 0700 GMT), with Cheung Kong (0001.HK) +0.8% at HK$94.45, Sino Land (0083.HK) +1.4% at HK$14.98. Elsewhere, Hang Lung Properties (0101.HK) down 1.2% at HK$33.25, HK Electric (0006.HK) +0.7% at HK$46.60, both released results during lunch break, kicking off HK earnings season. Volume modest at HK$41.69 billion. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 28, 2010 02:57 ET (06:57 GMT)