Lau Sze-ming: Hang Seng Index Oversold but Selling Pressure Persists; Beware Renewed Bottom-Fishing After Rebound

Lau Sze-ming notes that major Asia-Pacific stock markets fell sharply yesterday, with mainland ChiNext and Hong Kong technology stocks heavily sold off. Although the Hang Seng Index may see an oversold rebound, it is still too early to say whether selling has been exhausted, and caution is warranted against another bottom-fishing episode after the rebound.