Weak market on low buying interest: Index closed 19,550.891 (-114.19)

After the 268-point slump in last Thursday, the US market was quite choppy last Friday, with DJIA finished at 10,012 (+10), marginally above the 10,000 psychological support. The debt crisis in Europe has not improved, after the 2-day G7 finance meeting last Saturday, the PIIGS (Portugal, Italy, Ireland, Greece and Spain) problem has no obvious solution, but apparently the other EU members will be helpful in not allowing them to melt down. The AP markets were mixed as opened this morning.

This morning the Feb. futures opened at 19,662 (+124), bringing the stock market to open at 19,615 (-50). Investors were cautious, with the market well suppressed at below of the previous close most of the time. The morning session finished at 19,624 (-41) with a high-low range of only 128 points. Half day turnover was 44.9 bil HK$.

The market deep dived in the afternoon as dragged by the China banking sector. HSI hit the intraday low of 19,423 (-242) at around 3 pm. Nevertheless with the strong advance in China Mobile (941), the market finished at 19,551 (-114). Total turnover of the day is 59.6 bil HK$ only . China Mobile was up HK$1.55 at HK$75.4.

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