DJ MARKET TALK: HSI Off 1.1%; Recent Rebound Is Over - Strategist

18/08/2011 15:19 DJ MARKET TALK: HSI Off 1.1%; Recent Rebound Is Over - Strategist   0718 GMT [Dow Jones] The HSI is down 1.1% at 20,048.23, extending losses as it tracks the China bourses, with the Shanghai Composite falling 1.6%. "I think the recent rebound to Wednesday's high of 20,504 from last week's trough of 18,868 (set Aug. 9) is over. Now, investors are taking profits, triggering some selling pressure," says Linus Yip, strategist at First Shanghai. He tips the HSI in a 20,000-20,500 range, and says if it falls below 20,000, its Aug. 9 trough of 18,868 should serve as a strong support ahead. China Mobile (0941.HK) is down 0.7% at HK$75.10 after reporting its interim results at the midday break. Bank of Communications (3328.HK) is down 1.7% at HK$5.76, on profit-taking after the stock rose 5.4% over the past three sessions, ahead of its results, expected after the market close today. Volume is modest at HK$56.06 billion. (susanna.tai@dowjones.com)