Weak rebound ahead of Olympic: Index closed 22,104.199 (+154.45)

The US market surged for more than 300 points on Tuesday and another 40 points last night after the announcement of no change in the interest rate. The HK market was however suspended yesterday on a strong typhoon. For the local market, this morning the August futures opened high at 22,375 (+415) bringing the stock market to open at of 22,403 (+453) fifteen minutes later. The market however did not have much buying support, with the market index kept on sliding to the intraday low of 21,915 (-35) at around noon. The China Mobile, China shipping and resources shares all tumbled, with moderate support in the market from the local and China banking sectors. The morning session finished at 22,080 (+130). Half day turnover was 43.9 bil HK$. The market rebounded slightly in the afternoon with HSI finished at 22,104 (+154). Total turnover of the day is 75.8 bil HK$.

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