The market was very quiet because most investors didn't want to take any significant positions ahead of the Christmas holidays.
It's been a bit volatile today. People are selling into strength and buying into weakness.
There is follow-through buying of select H-shares, mainly commodity stocks.
In the long-term, I think there is quite a lot of institutional money that might just want to simply have a yield, a relatively high yield, with perhaps a little bit of growth potential in it.
Yesterday's announcement by the Hong Kong Mortgage Corporation that the government would provide a top-up guarantee on mortgages was good for the market. But we are still a bit cautious. It was very light turnover and there was no real selling pressure.
Scores of investors are of the view that interest rates won't go up much higher.
There is some profit-taking after yesterday's gains, with many investors investors cautious over interest rates.
We are getting a lot of rotational buying on blue-chip stocks right now. People are buying stocks when they are hurt or lagging.
The Hong Kong market takes the lead from Wall Street and, to a lesser extent, other overseas markets such as Tokyo.
Hong Kong took a lead from Wall Street, Tokyo and other overseas markets, and this explains gains this morning.