Institutional investors are continuing to buy into China's growth story and this explains their interest in H shares and red chips.
"Peter Lai" (???), was Secretary for Security of Hong Kong from 1995 to 1998, spanning the important Transfer of sovereignty of Hong Kong/Handover to Chinese rule.
More Peter Lai on Wikipedia.Continued fund flow into Hong Kong and positive market performance overseas helped support gains in the market.
Hutchison has risen more than HK$10 this week so at this level it will see some profit taking.
The new PCCW shares are right now being sold in the market. Some Cable and Wireless shareholders have decided not to hold PCCW shares.
The auction results are likely to be neutral but if the site in Repulse Bay could be sold at a good price it should give property stocks a boost.
There are some bargain hunting at lows for blue chips but I think the market is likely to move within a range of 15,100 and 15,700 points.
HKEX is viewed as a good company as the exchange's turnover is expected to rise. Its shares have room to move higher as they are trading at slightly below some of their counterparts.
Hutchison is a conglomerate, and the expected healthy economic outlook in the coming quarter helped.
Rate-sensitive property and banking stocks continued to support the market in early trade but the gains failed to sustain as investors took profits after recent rallies.
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