Developers Power HSI +0.5%; Risk Appetite Returns
HSI +0.5% at 28631.75, vs 28659.41 midday, powered by HK property stocks, but volume unexciting at HK$63.350 billion, perhaps as investors play it safe ahead of weekend; 29000 pegged by many as short-term target. Taifook says "investor confidence, along with an appetite for risk, has begun to return," with outlook for interest rates becoming more investor-friendly, which bodes well for HK developers, outperforming for 3rd straight day: Cheung Kong (0001.HK) +2.1% at HK$146.90, Wharf (0004.HK) +4.2% at HK$44.65, Henderson Land (0012.HK) +3.1% at HK$70.55. HSBC (0005.HK) remains drag, down 0.3% at HK$131.90 as subprime concerns won't go away.
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