The Japanese market is struggling to stay above 17,000, and it's still uncertain whether it can hold. An interest rate hike and a strong dollar would hurt.

The market is still waiting for HSBC results, which will have a big impact on the direction of the market.

The index tried to challenge 18,000 but failed, so that triggered profit taking. Tokyo's slide also depressed sentiment. If the HSI breaks 17,400 that will be the first sign that sentiment is weakening.

Hong Kong is tracking trends in the Japanese market. The market has had a very good run in the first four months of this year, will the rally spill over to May and June of this year is a very big question.

In the past three days, the market has added more than 500 points. At least 20% of the price is cream, or speculative activity. All we need is one or two negative indicators or pieces of news, and that could give investors an excuse to take profit.

Bank of China's results were quite good; double-digit growth can be taken as good results for a bank. That injected confidence into the market.

Property shares had a technical rebound, but interest rate concerns will still affect properties until there are signs that the U.S. interest rate cycle will end.

With the China market on holiday, Hong Kong is tracking trends in the Japanese market.

Trading seems to be focusing on selective counters because investors are cautious amid interest rate fears.

I think the take-up for the placement is not too good and other property developers may be discouraged from placing shares at this time.