My target for SSE at 2200 almost reached this morning at 2284. Almost everybody is saying China's economy will tank together with her SSE after the Olympic Games.
But I take an opposite view that SSE will recover after the Olympic Games. Perhaps, SSE is building a base around 2200 and start to move up next week when the Olympic Games end?
2 comments:
All the government officials are busy with the Olympic Games, no time and resources to take care of SSE?
China, Hong Kong Stock Index Targets Cut by S&P Equity Research
By Patrick Rial
Aug. 19 (Bloomberg) -- Standard & Poor's Equity Research lowered its end-2008 estimates for benchmark indexes in Hong Kong and China, citing reduced profit forecasts due to slower growth in the world's most populous nation.
The research provider cut its estimate for Hong Kong's benchmark Hang Seng Index by 3.3 percent to 23,500. The Shanghai Composite Index prediction was reduced 12.1 percent to 2,900 and the Hang Seng China Enterprises Index of Chinese shares listed in Hong Kong was decreased 7.6 percent to 13,400.
“While much has been made about the economic slowdown in China post-Olympics, our view is that while the economy is slowing, we believe that it is unlikely to fall off a cliff,” Lorraine Tan, S&P Equity Research's vice president and head of research, said, according to a release from the company.
The Hang Seng index dropped 0.6 percent to 20,814.79 as of the 12:30 p.m. lunch break in Hong Kong, the lowest since August 17, 2007. The Hang Seng China Enterprises measure fell 0.4 percent to a five-month low of 10,928.04. The Shanghai Composite gauge rose 0.5 percent to 2,331.57.
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