And some good news.
Stan
Monday November 12, 11:07 AM
HK stocks up slightly mid-morning, WTO reaction muted
sg.biz.yahoo.com
HONG KONG, Nov 12 (Reuters) - Hong Kong stocks were up slightly by mid-morning on Monday but trade was quiet as investors took a breather after the market's four percent gain last week and reaction to China's long expected entry to the World Trade Organisation (WTO) was muted.
The Hang Seng Index <.HSI> was up 0.83 percent, or 88.12 points, at 10,697.37 at 10.54 a.m. (0254 GMT), after dipping to 10,541.02 early on.
Blue chips generally were flat as investors had little reason to push the market much higher after last week's gains although property stocks were boosted by strong housing sales at the weekend.
Wall Street was flat on Friday and concern about the weakness of the local economy continues to keep investors cautious, even though in the longer term they are hoping for a recovery in the global economy next year, analysts said. Analysts expect the index to be rangebound between 10,500 and 10,720 on Monday.
The Hang Seng Mainland Composite Index <.HSMCI> of China-related shares was up 0.53 percent, or six points, at 1,133.41.
The WTO on Saturday approved China's entry to the trade organisation, concluding a 15-year quest by Beijing for entry. Investors had long anticipated that the mainland's entry would be finalised, leaving little scope for further buying although the news does underpin sentiment on China-related shares, analysts said. |
