HSI to Fall Below 9,800 Today as U.S. Strikes Back to Bin Laden
Oct 08, 2001 - 09:34:04 HKT
Quamnet News Service
Hong Kong stocks are expected to fall below the 10,000 mark Monday in response to the overnight attacks by the United States and Britain to Afghanistan cities. But the index isn't likely to slide more than 4 percent, analysts said.
"The HSI will plunge to as low as 9,800 this morning," said Patrick Yiu, associate director of Kingsway SW Securities Ltd. "But the decrease will be smaller than on Sept. 12 because people have expected that the U.S. will retaliate against bid Laden."
The benchmark Hang Seng Index should move between 9,800 and 10,300 today, he said.
The HSI ended last week down 9.01 points, or 0.09 percent, at 10,277.38.
Hong Kong stocks are not expected to see too much pressure today, though resistance will be seen around 10,500.
"As the U.S. military fight-back on Afghan has begun, things are going to be more clear, so the HSI isn¡¦t likely to breach 9,000," he added.
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