The market is down on Wall Street's performance but it may rebound from here because Hutchison and Cheung Kong don't seem to have too much downside and China Mobile's share price in the U.S. didn't fall too sharply overnight.

The market is drawing support from several factors, including follow-through buying of HSBC.

The market is following Wall Street and Nasdaq lower at the moment but I think we're going to see bargain hunting coming in later,

The market seems to have found support at 15,300 this morning. I think the fact that Nasdaq recovered on bargain hunting in some tech stocks in late trade on Wednesday has stopped stocks falling so sharply here.

Hong Kong has been outperforming other markets, but buying has mainly been of banking and property stocks and they could not hold at this level because global equities are going down.

There probably isn't too much downside from here. The performance of other Asian markets is quite encouraging so I think the index may hold above 16,000 and maybe rise to 16,250 later in the day.

There isn't much momentum in the banking sector; the sector simply moved along the general uptrend of the market today.

Profit-taking after yesterday's gains account for the softness in the market today.

Rumors about a merger of China's A and B markets, coupled with generally bullish expectations of further gains of China stocks, are driving buying interest in this sector.

We should have narrow range trading today with a downside bias on profit-taking.