HSI sales drop 1.1% First Session; 19 300 Support

HSI sales drop 1.1% First Session; 19 300 Support

Hangseng Index decreased by 1.1% at 19791.74 level of the first session with the index experienced profit taking pressure after an increase of 11.3% in the last six sessions, said Daniel So, an analyst at Sun Hung Kai Financial.

He estimates the short-term support will be at level 19 300.

"Consolidation is very reasonable after the recent rise in the index are sharp, while the low trading volume indicates that selling pressure is not too heavy", he said.

The volume of trade amounting to HK $ 34 billion.

China property stocks declined after Chinese Prime Minister Wen Jiabao said Saturday that the country should be firmly in the continuing tightening of the property sector for the remainder of 2011.

China Overseas fell by 5.9% to HK $ 14.62 and China Resources Land fell by 5.9% to HK $ 11.48.