Asian markets finished mostly lower Wednesday, with oil companies and blue chips weighing on Japan's benchmark index, snapping a three-day winning streak. However, HK finished up slightly after to-ing and fro-ing all day. We expected the index to open higher and it did by about 120. Then it dipped into negative territory, and went back and forth. If not for the weakness in HSBC (#5) we would have finished up higher especially with the US up 215 overnight.
Bank of China (#3988) is still weak after Temasek the Singapore Government investing arm sold 5% of its' holdings. It seems to me that now may be a good time to buy BOC.
Other Mainland companies looking for cornerstone investors may now have second thoughts about the investment horizon of Temasek.
Market Indices
Australia All Ordinaries 6432.80 - 0.94%
Bombay Sensex* 18942.84 - 0.97%
Hong Kong Hang Seng 27371.24 + 0.59%
Japan Nikkei 15153.78 - 0.45%
Shanghai Composite 4803.39 - 1.19%
Singapore STI 3369.72 - 0.09%
South Korea Composite 1834.69 - 1.35%
Taiwan Weighted 8276.26 - 1.19%
*Late trading
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