A day late and a dollar short? Market down 72 to 12,267 at 10:47am.

China telecom (#728) up $0.075 to $2.70. The EGM yesterday passed all the resolutions clearing the way to acquire the new business from the parent. We are seeing buying in 1.2m blocks at the offer price. The 1.2m is significant because that is the maximum size block that can be entered in the HKEx's AMS3 system (600 lots of 2,000 shares each) in each transaction.

Cheung Kong (#1) and Hutchison (#13) were under a little pressure early this morning because the HKEx apparently nixed Hutchison's request for a waiver to spin off the Indian telecoms business within 2 years of including it in the currently proposed listing of telecoms assets. The Indian assets are needed to make the currently proposed listing to make it look good. Let's see how this plays out.

Sinopec (#386) down $0.025 on lower oil prices. Hmm. It's own costs should be lower too!