Strong Chinese shares buck the market: Index closed 18,203.400 (+25.35)

The US market and European markets tumbled heavily last night on very poor employment figures. DJIA finished at 8,281 (-223), with the 3 major European markets recorded around 2% drop in the market indices. The AP markets opened low this morning.

For the local market, this morning the July futures opened low at 17,974 (-151), bringing the stock market to open at 17,961 (-217) fifteen minutes later. Nevertheless the selling pressure was not particularly high, and the market gradually climbed back to the 18,050 level. More investors were focusing on the newly listed herbal shampoo share BaWang that Mr. Jacky Chan acted as a promoter. The morning session finished at 18,095 (-83). Half day turnover was 31.7 bil HK$.

The market rebounded further in the afternoon, in particular by the China insurance giants as boosted by the advance in the China stock markets. HSI finished at 18,203 (+25). Turnover was 54.2 bil HK$.

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