Hong Kong stocks are expected to continue their rangebound trading this week in the absence of fresh local news to boost the market, dealers said. "The market will be rather dull this week. Oil prices may affect the market a little but we haven't got any catalyst to drive the market forward," said Herbert Lau, chief investment officer of CASH asset management at Celestial Asia. The views were echoed by DBS Vickers Director Peter Lai.
"The Hong Kong economy isn't bad but we need catalysts to push the market," he said.
Nevertheless, the US jobs data for May due out later in the day will set the tone for the market this week.
Investors will also look closely other key economic data coming out this week including consumer credit, which will signal the state of the US economy and the pace of interest rate hikes.
"In recent weeks, the US data seemed to be pretty weak which says that the economy is slowing and means the pressure for higher interest rate would ease. This would boost sentiment in the market," Lai said.
For the week ending June 3, the Hang Seng Index rose 103.67 points, or 0.8 percent, to 13,818.45.
Lai expected the main index to trade between 13,500 points and 14,400 points.
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