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2009-1-8 10:45:00 a.m. HKT, XFNA
DJ MARKET TALK: Cnooc Down 5.4%; Another 10% Fall Tipped N/T -DBS
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| 1035 [Dow Jones] Cnooc (0883.HK) down 5.4% at HK$7.47 in knee-jerk response after February crude futures settled down 12.3% at $42.63/bbl on Nymex. Sharp falls in crude price weighs on upstream plays like Cnooc vs integrated oil play PetroChina (0857.HK), which down 4.0% at HK$7.15 and refiner Sinopec (0386.HK) flat at HK$5.02. Further falls in Cnooc may be inevitable, on profit-taking after stock rallied +35.7% over past month; 20-day moving average of HK$7.32 offers immediate support. "Another 10% downside for Cnooc is expected in the near-term, as the crude prices are unlikely to recover and will stay at their current low levels," says Peter Lai at DBS. Stock unlikely to trouble 50-day moving average of HK$6.41 for now.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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