The discount between China Telecom and China Unicom is now more than 30 percent so people might soon be less eager to buy China Telecom at this level.

Some investors are betting that Hong Kong won't follow the U.S. rate hikes in May and are moving ahead to buy while prices are still reasonable.

There are no major movements for blue chip stocks and very little turnover.

Locals are switching their attention to second liners or blue-chip laggards.

The whole market is quite weak and there's quite a lot of selling of futures and red chips.

We are still seeing buying of interest-rate-sensitive stocks. Investors believe the U.S. economy is slowing more than they thought and the U.S. may now cut interest rates by more than 100 basis points next year, instead of just 75 basis points.