Advertisement

Day of window-gazing

Reading Time:3 minutes
Why you can trust SCMP
0

THE Hang Seng Index eased down 6.83 points to 6,839.98 yesterday amid lacklustre trading worth $2.35 billion, down $530.8 million.

The absence of news on Sino-British relations and continued caution towards the state of the mainland economy kept retail and institutional investors quiet.

In blue chips, Baring Securities assistant director James Osborn said trading was so lacklustre and boring that ''I had trouble stopping dealers from looking out the windows all day''.

Further rumours about the condition of China's paramount leader Deng Xiaoping also helped to undermine sentiment.

Options trading confirmed the uncertainty, with trading strategies focused around a narrow band of trading between 6,800 and 7,000, said SBCI derivatives dealer James Vinall.

Options traders and technical analysts were in dour mood at the close as the Hongkong Futures Exchange July index contract closed the day at a discount for the first time in recent trading.

Advertisement