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Neighbour: Why I’m selling HSBC
Joe Neighbour from Central Markets is looking at the UK banking sector and in particular at HSBC; the bank’s shares have under-performed compared to the rest of the sector. In addition, he says the latest news from Standard Chartered has triggered his decision.
Standard Chartered, which generates most of its earnings in Asia, warned that operating profit at its consumer banking unit would fall this year for the first time in a decade.
The Bank, which is headquartered in London, said consumer banking income is expected to increase at a "low single digit rate" for the full year.
On the technical side, Joe says that shares broke through the key support level of GBP 6.65. He plans to sell into the bounce of that level – so GBP 6.65 – and to place a stop at GBP 7. His target is GBP 5.80.
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