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Once again, excellent point HKtruth. I'm going to be very cautious with regards to buying back into HSBC, I'm tracking RDSB & BP (looking to top up my holdings).
With Covid 19 infection levels continuing to rise (sadly) in the USA and real concerns of a second wave of infections in the UK, markets will remain volatile imho.
Have a good weekend.
Market will move a week ahead of that date then !!
Coca Cola HBC a recent example of that, suddenly a week before Q1 results the SP tanked and COVID blamed, odd how virus threat escalated the week before impact for whole quarter was shared ??
Don’t expect a dip ahead of results to guarantee a bounce back
HSBC Interim results to 30 June 2020 are expected on 3 August 2020.
I was undertaking some property work today & thought to myself I must check when Q2 results are due! Does anybody know the date?
You are spot on HKtruth, I need to be careful with buying back in, I'm expecting a down leg when Q2 results are issued.
I should declare I'm no fan of HSBC in the UK, when I worked in Fin Services, they messed me & my business partners around, fortunately we had shareholders with deep pockets. Once everything was sorted we got a warehouse line from Barclays & forgot about HSBC.
Beware the Q2 results and the BS that will surround them. Expect worst as Quinn very quickly abandoned the caring approach about redundancies during COVID. The border with China remains closed at least another month, the whole of Q2 was case whereas Q1 saw early weeks bullying of staff in new sales year to grab mainland money. The new low saw large money come for the stock but will/can that be repeated if tested again ? Market swings around broader economics prevailing but be sure to take a close look at how well HSBC is actually fairing during these times.
Thanks.....I could not see it going up beyond 390p. I will be back in it it falls to low 370's.
GLA
Seems you did very well judging by the fall today. This is also exactly what I was referring to as a ceiling instead of a floor the other day, every time the share has a decent day, there is heavy selling bringing it lower straight away.
I've sold my HSBC holdings this afternoon, made a small profit, I prefer to be in cash for now.
Good luck to all HSBA shareholders
My own good coronavirus run has included Shell, Occidental (Oxy) and Hess within oil sector, latter a good long term I understand. Namibia sounds interesting, nice place for a field trip to celebrate if comes off !!
I adopted my username because my best share investment (by far) has been an oil & gas company, I've held it for 10 years & it will pay its maiden dividend on 24th of this month. Also hold a "wildcat" explorer which has licences in offshore Namibia, that's not one for widows & orphans! Thinking of offloading my HSBC shares shortly to buy RDSB if it falls below £12.00.
Not familiar with Oxy, sticking to a handful of shares for now & buying where I feel a share has been oversold. Got into HSBC as a trade when it dropped to 373p.
Enjoy reading your insightful posts on HK / HSBC.
For sure and already suggestions but most of locals prefer mainland Wechat over WhatsApp already anyway. Name might not be known to those in UK but has something like 10;1 users compared to Facebook’s What’s App, the economies of Asian scale and a better all round proposition I believe and Zuckerberg has challenges from all sides at present. Switching subject and your name, what’s the deal with oil companies at present, ? Easy answer is demand due to virus but oil Prince and companies seem oddly detached ? As are opinions around Oxy, next for certain bankruptcy or future superstar with so many advantages in the Permian basin ? Thoughts ?
Back in the 1990's I recall that the HK were buying up so much property in Vancouver.
As China's grip on HK tightens, will we not see China's censorship of the internet / social media extended to HK? Will this not be a "push" factor going forward?
There is a very interesting documentary by one of the Australian networks sure to be on YouTube that talks of 100,000 (yes !!) Chinese millionaires that went to Canada, and pretty sure it was Vancouver. Those kinds of volumes and associated wealth makes it a very different proposition, a select community operating within another, that could go either way. Do 3 million HK have that wealth ? No, there will be some but a wide cross section. As already suggested, I don’t see it happening in reality.
Interesting post HKtruth regarding Boris's offer. I travelled to Vancouver in the early 1990's and noticed the influx of HK, I initially thought that Boris's offer could see a similar influx to the UK but your insightful views now provides me with a different perspective.
I bought in at 373p, looking to sell at 390p - 400p, hopefully !!
GLA
Some very large buys indeed, not entirely sure how that works, but you’d think word would have got out and such support would have seen a positive day ensue and not below the support level ? By time market open to retail buyers again, will the SP have surged and how does that make retail buyers in wait feel ? No message passed to HK traders is so, shares opened up just over 1% only and behind Hang Seng index in first hour
A lot of after hours trades reported...including 3 trades of £18m value, consisting of 4.7m shares@378.15p each, which was the morning opening price...
Admirable move Boris, not sure either party will quite know what hits it if offer is taken up !
Most 3rd generation young HK have long forgotten what took their descendants to HK, they just think they know what future has in store. Perspective is needed in all sides of this, propaganda is a 2 way street, something we often fail to realise in the West.
My years here have formed some of the following views about the locals, which they and UK will need consider should these moves become reality :-
1. Any temperature below 12C starts thoughts of potential freezing to death and elderly actually do.
2. By nature they are an exceedingly passive breed, 2 million on streets protesting held less threat than a Premiership crowd.
3. Many business leaders, especially HSBC hierarchy, act as dictators but are constantly plotting their own escape plans.
4. They may be surprised in UK you can’t employ a Fillipina for £450 to wipe your ass and everything else including bring up your children.
5. They are very racist towards other Asians, not just the slave employed but professionals from other races especially Indians
How some of that will sit in aggressive, cold, crime filled and minimum wage UK I don’t know ?
Moral obligation fulfilled Boris, but how even the highly educated, salaried and often Western educated would fit into any other Western country, where world will have anti China bias for years to come.?
My bet is that most wont take up the offer. China will make Hong Kong work as saving face is massive part of culture. They are already relaxing controls in the Greater Bay Area and creating a new HK identity. If it Feeds the local obsession, money, then majority will go nowhere.
There is more than 2 sides to this particular story.
Hong Kong: UK makes citizenship offer to residents
https://www.bbc.co.uk/news/uk-politics-53246899
Clearly this stock is desperate to go lower.
Bottom at somewhere between 290-340p.
What's the pick?