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2009-2-3 03:14:00 p.m. HKT, XFNA
DJ MARKET TALK: HSI Down 0.5%; No Rush To Jump Into Mkt - Tanrich
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| 1454 [Dow Jones] HSI down 0.5% at 12,803.83, reversing earlier gains, mainly due to falls in HK property stocks after cases of negative equity in local residential mortgages rise sharply in 4Q. Jackson Wong at Tanrich tips index to remain in 12,600-13,000 range near-term, as investors likely to stay at sidelines amid a lack of fresh impetus. 'There is no rush to jump into the market, as there are too many uncertainties over the U.S. economic outlook,' says Wong. Volume thin at HK$23.18 billion. Cheung Kong (0001.HK) down 5.0% at HK$67.00, Sun Hung Kai Properties (0016.HK) down 4.5% at HK$64.90. But Bank of East Asia (0023.HK) +4.0% at HK$15.70, best performing blue-chip after Guoco (0053.HK) increases its stake in bank.(SUT)
(Delayed by 1 hour)
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