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2009-1-12 12:39:00 p.m. HKT, XFNA
DJ MARKET TALK: H-Shares Down;Placement Woes Linger On Banks-ICEA
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| 1228 [Dow Jones] H-shares index down 4.4% at 7,388.34, vs HSI's 2.0% fall, with heavyweight China banks down as placement concerns persist; psychological 7,000 as next support level, says ICEA's Ernie Hon. Shipping stocks hard hit, signaling latest rebound in sector may be about to end as sentiment remains bearish. Hon tips another 10% fall in China banks near-term as major holders may further lower their stakes to cash in. "This inevitably would lead to further selloff pressure in the Chinese banks," says Hon. Among these, ICBC (1398.HK) down 3.8% at HK$3.51, Bank of China (3988.HK) down 3.6% at HK$1.89, China Construction Bank (0939.HK) down 4.3% at HK$3.75. Among shippers, China Shipping Development (1138.HK) down 13.0% at HK$7.42, China Cosco (1919.HK) down 8.7% at HK$5.25.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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