‘HSBC continues to be a major drag on the market, especially because investors remain in the dark on its fund-raising intentions,’ said Castor Pang, strategist at Sun Hung Kai Financial Group.
‘I expect more selling pressure on this stock until it clarifies all sort of speculation on whatever fund-raising plans that it might have,’ he said.
HSBC yesterday lost 5.7 pct and hit a 10-year low after Morgan Stanley cut its target price by 31 pct.
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