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2009-5-7 11:42:00 a.m. HKT, XFNA
DJ MARKET TALK: HK Developers Down On Profit-Taking; CK Off 2.5%
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| 1132 [Dow Jones] HK Property stocks succumb to profit-taking, with property sub-index down 0.6% vs HSI still +1.2%; more near-term downside likely given huge run-up of late, but 10-day moving averages distant for most developers' stocks. Everbright Securities raises sector rating to Neutral from Underweight, as revises target on-year growth of end-FY09 residential property price to +1.3% from 20.7% drop, in light of better-than-expected rebound in local property prices. House raises estate agent Midland's (1200.HK) target price to HK$3.10 from HK$2.07, but keeps Sell call after shares' recent surge. Cheung Kong (0001.HK) down 2.5% at HK$86.35, Sino Land (0083.HK) off 2.9% at HK$10.88, Midland +1.2% at HK$4.10.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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