Hello! We were up over 400 yesterday and expected a consolidation today' which we are now seeing. Down 32 at the time of writing although it had been up single digit at some time in the morning.

China Telecom (#728) finally placed 5.8 billion shares at HKD2.30 a slight discount to the market close in the morning of HKD2.375. All the shares were snapped up and more were made available. Still a slight overhang as they had registered 8 billion shares. At 7.7 pe it is a good buy.