Knobias ClipReport (8-28-2007)
Submitted from Knobias ClipReport
Monday’s session began with news that the housing supply hit a 16 year high signaling that speculators were still stuck and the bubble may have a ways to go before finishing its course. Internationally though, Hong Kong’s benchmark index, the Hang Seng, closed at its all time high of 23577.73. The index gained some 655 points on earnings news and expectations from Chinese investors after the mainland government announced a pilot program that would allow Chinese citizens to invest in the Hong Kong stock market.
The speculative action caused most of the gains as many were trying to get in ahead of the influx of Chinese money. The action spread to the domestic market as many Chinese related names saw a huge increase in action. Some of the momentum names included: China Resources Development Inc. (CHNR), China Technology Development Group Corp (CTDC), eFuture Information Technology, Inc. (EFUT), Fuwei Films Holdings Limited (FFHL), China Grentech Corp Ltd. (GRRF), and Home Inns & Hotels Management Inc. (HMIN) shares all saw increased buying on the international news.
