Tuesday, April 26, 2011

Sold ICBC (1398.HK) at a small profit

I sold ICBC - Industrial Commercial Bank of China (1398.HK) at HKD6.68 on Thursday, the day before Good Friday as it climbs up higher based on the charts. Take profit first due to the short term volatility.

This will be my 3rd time trading ICBC - at a profit. A good counter to trade in HKSE.

Still, I remain optimistic on Chinese state-owned banks, primarily the international expansion of ICBC pushing across boundaries. Maximize the growth trends. 10 years ago, I will not expect a Chinese ATM in Madrid or Milan. Now, it's different.

I will buy in again should Mr. Market offers me at a better price. My next "buy" target is somewhat around HKD5.60 and below.

We'll see.

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