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2009-1-9 12:39:00 p.m. HKT, XFNA
DJ MARKET TALK:HK Industrial Shrs Strong;Citi Upgrades Techtronic
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| 1222 [Dow Jones] Fresh punting in HK industrial stocks, with Techtronic (0669.HK) leading today's gains, +17.8% at HK$2.65, likely spurred by Citigroup upgrading stock to Buy from Sell, but cuts target price by half to HK$3.90, which still provides meaningful upside. Thinks company's ability to refinance half of US$180 million borrowings due in 2008 into 2-year term loan was key to its recent rally as reflects bank support. Several other industrial stocks getting boost following Techtronic strength: Johnson Electric (0179.HK) +6.9% at HK$1.85, Singamas Container (0716.HK) +13.3% at HK$1.02. JE, Singamas both unable to breach recent highs, at HK$2.04, HK$1.20 respectively; likely short-term caps. Techtronic's intraday high of HK$2.71 likely immediate resistance. (RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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