Overnight Dow Jones closed down 117 @ 17730.51. Following US and the regional market, Hang Seng Index opened gap down this morning. The worse than expected China export data released this morning caused HSI sank lower. At closing, Hang Seng Index dropped 298.09 @ 21905.13; spot month futures tumbled 456 points, finished at 21824.
Despite the sell down in regional market, one of the stock in our portfolio surged 17.8 percent at closing. We wonder is this a dead cat bourse? Or the beginning of the uptrend.
We have been holding Hung Fook Tong (HK:1446) for quite some time. We first came across Hung Fook Tong was during a trip to Hong Kong before 1446 went on IPO. The shop caught our attention, as it has many branches located just right before the MRT entrance barrier and shopping malls.
Hung Fook Tong Group is one of the top retailer of Chinese herbal drinks, soups, tortoise herbal jelly and other food products in Hong Kong. Their main retail business is in Hong Kong, Guangzhou and Shanghai. The group acts as a wholesaler to the distributors and supermarkets in Hong Kong and Mainland China; they also export long shelf-life products to overseas, including Malaysia.
The company share price closed at $0.86 today. One year range is between $0.61- $1.22; below the IPO price at $1.30.
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