MARKET TALK: HSI May Consolidate; Earnings, Land Auction Eyed

28th Jul 2010 02:21

0121 GMT [Dow Jones] Two key focuses on today's HK trade: earnings, with Hang Lung Properties (0101.HK), HK Electric (0006.HK) both expecting to announce results lunch time, kicking off HK blue chips' reporting season; much-eyed auction of Mount Nicholson site in afternoon. HSI likely to open flattish, consolidating after 6-session, 4.4% winning streak, but bias on upside as heavyweight HSBC (0005.HK) set to rise tracking gains in European banks overnight on news Basel 3 proposals watered down. HK developers may perform in line with benchmark index, as earlier outperformance already priced in lofty expectations for strong land auction results. HSI ended +0.6% at 20,973.39 yesterday, highest since April 30.([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 27, 2010 21:21 ET (01:21 GMT)