Hong Kong stocks steady as investor sentiment firm
Thursday April 18, 1:32 PM
sg.news.yahoo.com
HONG KONG (Reuters) - Hong Kong stocks were steady by midday on Thursday, lifted by a positive economic outlook from the United States, the territory's second largest export market, but buying was cautious after Wednesday's big gains.
The benchmark Hang Seng Index of 33 blue chip stocks was up 0.3 percent, or 33.22 points, at 11,123.80 by the midday break after rallying nearly three percent the previous day.
The HSI remains down 2.4 percent in 2002 so far, one of the worst performing benchmark indices in the region.
Analysts said the market will likely consolidate around current levels in the near term, as investors await further signs of a global economic recovery.
"The index will meet strong resistance at 11,250. But if it stays above 11,000 it means the trading range will move up 500 points to between 11,000 and 11,500," said Ben Kwong, associate director at KGI Asia Ltd.
Investors will be watching unemployment figures for January to March, to be released after the market's close on Thursday, for latest clues on the health of the local economy.
Analysts expect the jobless rate to rise to seven percent or above from 6.8 percent in December-February, its highest level in decades. |
