MARKET TALK: HSI Set To Test 21,000; HSBC, Developers May Rise

26th Jul 2010 02:18

0118 GMT [Dow Jones] HSI set to test psychological 21,000, level not visited since early May, bolstered by Wall Street gains. Senior broker at brokerage arm of Chinese bank says single most important factor responsible for recent HK market gains is that "A-shares seem to have bottomed out (and) once again are rallying ahead of global equity markets." Tips HSI likely to test 21,500 this week. Still, profit-taking likely to set in later in day given HSI already in 4-day 3.6% winning streak, ending Friday +1.1% at 20,815.33; weekly gain of 2.8% makes it best week since week ending April 09. HSBC (0005.HK) may rise about 1% after it passed Europe-wide stress test; HK property stocks set to gain after another luxury residential site being triggered for auction, and ahead of much-eyed land auction Wednesday. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires July 25, 2010 21:18 ET (01:18 GMT)