0651 GMT [Dow Jones] HSI falls more in afternoon, now down 1.7% at 15,252.59 vs 15,427.31 midday; volume spiking to HK$48.03 billion an ominous sign, suggesting heavy selling pressure; 15,000 key psychological support. Weakness in China banks weighing on index, with China Construction Bank (0939.HK) down 7.4% at HK$4.12 after Bank of America (BAC) sells down stake; peers suffering collateral damage with ICBC (1398.HK) down 6.6% at HK$3.99 - duo accounting for about half of HSI's point drop.
my personal opinion is that the christmas and new year rally has come to an end liao.
the STI begin the day in positive territory but loses ground rapidly and end 30pts lower in heavy volume.
some would argue we have seen the bottom, but the rally is more like a dead cat pounce rather than bottoming. economical data coming are getting worse throughhout the world. banking sector trouble are not yet over, escalating tension in middle east will continue to move oil prices higher.
but of coz, stock market recover faster than real economic data, but until there are slight indicators that financial sector credit crisis has ease or over, real economic data show lower employment data or high manufacturing output, until then,there is stil no light at the end of the tunnel.