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Thursday, 5 March 2009

Hong Kong Shares Rose On Hopes In Chinese Support

Asian markets rallied on Wednesday on hopes Beijing will step up efforts to support the Chinese economy. Chinese finance and resource stocks lead the surge after the Beijing government said it would expand its fiscal spending plan. Hong Kong shares opened lower but extended its gains as H shares picked up their momentum. Nevertheless, HSBC continued to weigh down the index and closed 4.4% lower at day close. The Hang Seng rose 2.47% to close at 12,331.15.

The technical outlook of HSI is negative. The index opened at day low but continued to sustain above the 12,000 level. If the index continue to sustain above the 12,000 support, it may try rebounding towards 12,800. However, if the index is unable to sustain above the support, it may plunge towards the 11,000 level.

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