Lowest close in a month

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STOCKS closed 1.19 per cent lower yesterday, pulled down by property stocks and after a weak lead from Wall Street as markets await a key speech by US Federal Reserve chairman Ben Bernanke today.

The benchmark Hang Seng Index fell 235.60 points to 19,552.91 in light trade to its lowest close since July 27.

Hong Hao, chief strategist at Bank of Communications International Securities, suggested that for now, investors should stay defensive and brace for more downward revision of earnings.

“If you don’t have to do anything, then don’t – unless you have a strong view on quantitative easing from the Fed,” Hong said.”Agencies

Business Times : marketwatch

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