Hong
Kong, Dow Jones 09/9/11 - Hong Kong stocks ended lower at the close of
trading this week as the U.S. President's speech, Barack Obama on new
government initiatives to boost employment levels and China's new
inflation data failed to lift sentiment from the investors regarding the current global economic conditions.
Bluechips
Hang Seng index fell 46.19 points, or 0.2% to 19866.63 position with a
total volume of transactions is relatively small at HK $ 49.65 billion,
down from Thursday trading session totaled HK $ 64.10 billion. HK benchmark index was down sebsear 1.7% during the week.
Analysts expect the index to move between the range of 19 200 and 20 900 during the next two weeks.
"Market still seem to be moving not trending over the next few weeks. Obama's
speech is considered not sufficiently concrete to explain how to
increase employment and encourage the domestic economy, while China's
inflation data in August period could also be interpreted both ways. Investors are very likely on the mode of wait-and-see, "said Alvin Cheung, associate director of Prudential Brokerage.
President
Barack Obama on Thursday local time presents an action plan to
encourage economic growth worth $ 477 billion, which included tax cut
wages and increase unemployment benefits and spending billions of
dollars to improve infrastructure.
In
China, the release of CPI data for August increased by 6.2% over the
previous year, beating analyst estimates by 0.1 percentage points, but
still declined from a record 6.5% in July, according to data from the
Central Bureau of Statistics. Some analysts believe that the data will reduce the anxiety a step further tightening in the short term.(qb)
