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Trading muted in Asia on Tuesday, June 15

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bottom_fishing_1 June 15, 2010 (Chinavestor) The DJIA succumbed to profit taking on Monday, rendering Hong Kong trading muted on Tuesday. The Hang Seng Index (INDEXHANGSENG:.HSI) was trading in a narrow range, ending the day 10.2 points or 0.1% higher at 20,062.15. Stocks that advanced outnumbered those that fell three to one. Airlines fell but China Telecom (HKG:0728) (NYSE:CHA) and Huaneng Power (HKG:0902) (NYSE:HNP) rose 2.4% and 1.2%, respectively. Smaller rival Datang Power (HKG:0991) advanced 1.9%.

 

pre_2010615_index

Index futures point to a higher opening for Chinese ADRs. The earnings calendar is light for the week, suggesting macro economic news are going to move stocks for the week. Energy, solar stocks will remain volatile as investors watch U.S. demand, setting direction for crude price.

Small cap stocks have been very volatile; the number of China ADRs trading above 20-DMA improved significantly. But longer term momentum is still absent as the bottom chart of the next indicator suggests.

pre_2010615_hk

Price of gold has been coming off previous highs as appetite for risk grows. Key indices, ETFs, commodities have been trading in a narrow range with no indication of where to go next.

index_2010615



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