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2009-1-13 10:59:00 a.m. HKT, XFNA
DJ MARKET TALK: Bank Of China Bounces 3.3%; But Better Avoid -UOB
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| 1049 [Dow Jones] Bank of China (3988.HK) snaps 4-session, 16.7% losing streak, rebounds 3.3% to HK$1.90. After stake sales by UBS, Li Ka Shing foundation, widely assumed Royal Bank of Scotland also looking for exit, which has created short-term overhang, but likely at least partially priced in. UOB KayHian says recent beating BOC shares took largely due to possible RBS sale; given continued uncertainty, "it is best to avoid the stock in the near term." BOC again most heavily traded stock with HK$692.7 million; 10-day moving average, at HK$2.10 and declining, unlikely troubled by any rebound. Rest of big 3: ICBC (1398.HK) +1.4% at HK$3.51, China Construction Bank (0939.HK) +2.4% at HK$3.82.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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