There was profit-taking in stocks which have risen a lot in recent days. Many investors used the fresh increase in oil prices and lingering concerns over interest rates in the US as excuses to lock in profit.
More Quotes from Francis Lun:
Interest in H shares is selective as people expect some H shares to report strong results this week, while others are forecast to turn in weak earnings.Francis Lun
Some H-shares have risen beyond their respective fundamentals and it's no surprise to see investors take profit on them today.
Francis Lun
I expect the market to open higher after Wall Street's gains, and it will mainly be led by property stocks as interest rate worries seem to be easing after the release of the US Fed minutes.
Francis Lun
Trading was confined to a narrow range because most investors are cautious as they await the Fed decision tonight and hints on how interest rates will move in the coming months.
Francis Lun
There's some bargain hunting helped by gains in overseas markets but the market is quiet.
Francis Lun
There is no fresh news that can move up properties. Worries that interest rates in the US might go up some more have made many investors cautious.
Francis Lun
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