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2009-1-8 04:07:00 p.m. HKT, XFNA
DJ MARKET TALK: ICBC May Be Next To Face Hldr Stake Sale-Champlus
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| 1556 [Dow Jones] ICBC (1398.HK) is another potential candidate for share placement/stake sale by key holders, if they follow Bank of America's (BAC) and Li Ka Shing Foundation's moves to offload holding in China Construction Bank (0939.HK), Bank of China (3988.HK), respectively, says Champlus Asset Management's Ricky Tam. Tam says Goldman may also sell down part of its ICBC stake after raising ICBC holding to 20.01% from 19.98% on Dec. 17. "The overhang is going to cap any potential upside in the China banks, especially ICBC; it could be the next to face share sale from its major holders," says Tam; tips ICBC to have HK$3.50 as immediate support. ICBC down 7.3% at HK$3.66. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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