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HSI Down 1.3%; Fall "Healthy Consolidation

HSI Down 1.3%; Fall "Healthy Consolidation"

 

HSI down 1.3% at 20,465.72 on Wall Street cue, falling for 9th session out of 10, but index stays above Friday''s intraday low of 20,250, which key near-term support given strong intraday rebound Friday; volume solid at HK$6.84 billion in opening minutes. Taifook Securities continues to view latest correction "a healthy consolidation," believes market outlook will continue to be underpinned by economic recovery, with attractive stock valuations "should override the impact from monetary tightening ahead." Bank of China (3988.HK) down 2.1% at HK$3.81 due to big fund-raising plan; HSBC (0005.HK) off 2.1% at HK$83.90 tracking weakness in U.S. banks. (RLI)