HSI opened gap up in the morning. Market cheer on the news of interest rate cut & RRR reduced. The highest we saw was 23423.64 for cash market; futures highest 23415. However, profit taking came in and we started to see decline in HSI.
As we mentioned earlier, the market rebounded almost 3000 points since the first day of October. It is normal for investors to take profit and sellers came in to short sell the market. HSI dropped to lowest at 23036 in the afternoon, closed almost day low @ 23043 (-137) for October futures while cash market closed -35 @ 23116.
We sold half of our holding from Bank Of China, pocket some of the profit and will see how it goes. If the market further rally, we still have half of the holding and other Chinese Bank shares from ICBC and ABC. HSI need to go through correction in order to move higher. If correction come, we'll continue adding our portfolio according to market condition.
No comments:
Post a Comment