AFTER selling of Hong Kong stocks in London last night, the Hang Seng Index is expected to open about 100 points lower today from yesterday's 9,177.95 close.
The index rose 181.02 points, 2.01 per cent, to above 9,000 points yesterday, after a three-day slide. Trading eased from last week's frenzy to post a healthy turnover of $5.39 billion.
Overnight, Cheung Kong was off about 75 cents from the Hong Kong close of $35.25.
HSBC Holdings was down more than a $1 to $85.55 and Hongkong Telecom was down 40 cents to $15.80.
Even Hutchison Whampoa, which saw strong buying in Hong Kong on the back of the closure of the Rabbit telecoms network in the UK, fell 20 cents to $28.40.
Brokers said that, although Hong Kong and overseas institutions had jumped on the bargain-hunting bandwagon in Hong Kong trading, overseas institutions trading in London were more cautious.
There was some profit-taking and quite a number of dealer mark-downs, in anticipation of a low Hong Kong opening today.