STI closed at 3074. Hong Kong HSI closed at 19813. On my previous posts dated 16 and 20 Jun 2013, I suggested investors to wait.
My suggestion is the same today. Wait until technical indicator to show rebound signal. (refer to my post on 20 June)
Today's bigger news is Chinese Banks credit crunch. Interbank Rate went up to 10% (may be over 10%). China central bank PBOC instead of inject needy cash into banking system. but they drain away more cash by issue new bond. Apparently PBOC want to teach all Chinese banks "Watch how you lend" lesson. In order to reduce the size of "shadow banking" system. PBOC have all necessary tools to contain the problem. It shall not turn into crisis.
Investment fund is exiting Asia. Downside risk is high. Too early for bottom fishing
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