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Wednesday, 8 October 2008
HSI - Standard
Analysts say the Hong Kong stock market is expected to remain volatile, but it may find support at 16,200 in the short- term, while some forecast a technical rebound today.
Analysts say the Hong Kong stock market is expected to remain volatile, but it may find support at 16,200 in the short- term, while some forecast a technical rebound today. Sun Hung Kai Financial strategist Castor Pang Wai-sun said the Hang Seng Index is more likely to keep falling than have a sustained rebound. “Even if the index rises, it will only be a technical rebound because stocks have plunged too much, not a market recovery,” said Pang. Likewise, KGI Asia chief operating officer Ben Kwong Man-bun said he didn’t expect the benchmark to recover soon. “The crisis is not going to ease dramatically overnight,” Kwong said, and he expected the Hang Seng Index to move between 16,200 and 17,400 in the short term. He said the market has to pass three stages before the crisis ends: extreme panic; realization that the worst is over; and a return to confidence. “The Hang Seng Index may bounce 500 points to 600 points if there isn’t any more bad news in the United States and Europe,” said Delta Asia Financial head of equity markets Conita Hung Lai-ping.
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Analysts say the Hong Kong stock market is expected to remain volatile, but it may find support at 16,200 in the short- term, while some forecast a technical rebound today. Sun Hung Kai Financial strategist Castor Pang Wai-sun said the Hang Seng Index is more likely to keep falling than have a sustained rebound. “Even if the index rises, it will only be a technical rebound because stocks have plunged too much, not a market recovery,” said Pang. Likewise, KGI Asia chief operating officer Ben Kwong Man-bun said he didn’t expect the benchmark to recover soon. “The crisis is not going to ease dramatically overnight,” Kwong said, and he expected the Hang Seng Index to move between 16,200 and 17,400 in the short term. He said the market has to pass three stages before the crisis ends: extreme panic; realization that the worst is over; and a return to confidence. “The Hang Seng Index may bounce 500 points to 600 points if there isn’t any more bad news in the United States and Europe,” said Delta Asia Financial head of equity markets Conita Hung Lai-ping.
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