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2009-1-8 09:54:00 a.m. HKT, XFNA
DJ MARKET TALK:Bank Of China Off 7.5% Pre-Mkt;HK$1.98 Key Support
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| 0942 [Dow Jones] At pre-open, Bank of China (3988.HK) tumbles 7.5% to HK$1.98, level at which Li Ka Shing Foundation sold 2 billion shares. Citigroup says on 1.0X P/B, BOC "one of the cheapest stocks in the sector," with negative fundamental drivers diminishing - namely CNY no longer rising, credit markets stabilizing - but overhang from pre-IPO investors remains. Keeps stock at Hold, but target price of HK$3.00 implies meaningful upside. China Construction Bank (0939.HK) indicated down 2.5% at HK$3.96, getting closing to HK$3.92, level at which Bank of America (BAC) placed shares. HK$1.98, HK$3.92 in near term critical support for BOC, CCB respectively. ICBC (1398.HK) bid down 4.0% at HK$3.80.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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