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2009-6-1 04:10:00 p.m. HKT, XFNA
DJ MARKET TALK: Sino Land Down; Pressure On Developers Ahead-UOB
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| 1558 [Dow Jones] Most HK developers extend recent gains, largely supported by recent strong response to home sales, but Sino Land (0083.HK) reverses early rise, signaling profit-taking pressure imminent for rest of sector, says Steven Leung at UOB KayHian. Sino Land down 0.7% at HK$14.28, on profit-taking after +43.8% in May vs Hang Seng Property Subindex's +21.5% in same period. But adds, any potential downside in these property plays likely limited ahead as sentiment staying buoyant. Tips about 5% pullback from current levels to take place near-term. "It's time to reap profits now," says Leung. Within sector, New World Development (0017.HK) +11.2% at HK$16.24, Henderson land (0012.HK) +4.6% at HK$48.95, Cheung Kong (0001.HK) +3.0% at HK$98.70. (SUT) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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