Peter Lai (Vickers):
He said the benchmark index will likely find immediate support at 25,800 points. China's stock markets fell sharply Thursday on expectations of further economy-cooling measures, with the Shanghai Composite Index dropping 4.4% to 4984.16 points.
Analysts said the decline in mainland China-listed stocks contributed to the fall in Hong Kong stocks by the afternoon session.
China shares sharply lower midday, taking hit from retreat on global equity markets. Shanghai Composite off 2% at 5108.12 in tepid trade,
immediate support at 5050;
Shenzhen Index down 2.1% at 1286.24.
Analysts generally expect Shanghai Index to test 5000 near term, citing breakup of funds' issuance, U.S. economic downturn, consequent pressure on China's exports, as well as need to collect cash at some institutions near year-end. They add, however, further downside limited because index already 17% off record high hit Oct. 16; bargain-hunting could emerge on dips.
Shanghai A Share Index 5,230.97 -242.17
Shanghai B Share Index 339.14 - 6.60
Shenzhen A Share Index 1,314.06 -64.06
Shenzhen B Share Index 683.06 -20.90