MARKET TALK: HSI Down 0.1%; 20,500-21,200 Range N/T -Wing Fung

29th Jul 2010 07:48

0648 GMT [Dow Jones] HSI down 0.1% at 21,071.52, snapping 7-session winning streak (+5.0%), but profit-taking looks modest so far, as China markets remain buoyant (Shanghai Composite last +0.6%), says Mark To at Wing Fung Financial. Tips 20,500-21,200 near-term trading range. "Consolidation looks inevitable ahead after the HSI's recent strong showing, but I think the underlying sentiment remains relatively strong, supported by the Chinese markets." ICBC (1398.HK) +0.7% at HK$5.92, ignoring plan to raise CNY45 billion via rights issue, as such fund-raising plan well flagged. HSBC (0005.HK) down 0.8% at HK$80.25 ahead of 1H results Monday, mild fall vs 9.4% gain over past 7 sessions. Market volume modest at HK$33.96 billion. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 29, 2010 02:48 ET (06:48 GMT)