past two weeks. The HSI closed Friday at 25,202, down a hefty 1,665 points or 6% for the week. The weekly loss for the HSCEI was 8%.
Our View
The market has shown some signs that genuine investors have returned, given the bargain hunting on banking stocks, which suffered the first attack in the latest global equity market sell-off. The subprime crisis may actually result in a consolidation that should benefit the survivors in the next up-market. We hold our view that the rapid correction in the past two weeks is offering a good opportunity to buy quality stocks at good prices in the local market. We expect a reviving market as lower interest rates and low core inflation are on the backdrop.
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