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2009-6-9 07:55:00 a.m. HKT, XFNA
DJ MARKET TALK: HK Developers May Face More Pressure;Heavy Shorts
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| 0742 [Dow Jones] Heavy short sales in HK developer stocks Monday may suggest more near-term downside for sector, especially given hefty gains of late, which likely more than priced in strong physical property market sales recently. Although only SHK Properties (0016.HK) cracked top 5 most shorted stock list, short as percentage of individual stocks' volume high, with high-beta New World Development (0017.HK) at 30.3%, Cheung Kong (0001.HK) at 26.7%, SHKP at 21.0%, Sino Land (0083.HK) at 17.5%, indicating view for more near-term pullback. Sector already underperformed yesterday, with property subindex ending down 3.9% vs HSI down 2.3%; Sino Land fell most among blue-chip developers, off 6.8% at HK$13.62.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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