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2009-1-14 04:05:00 p.m. HKT, XFNA
DJ MARKET TALK: H-Shares +2.7%; But May Test 7,000 N/T - Champlus
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| 1554 [Dow Jones] H-Shares Index +2.7% at 7,268.58, on technical rebound after 18.4% decline over past 6 sessions, supported by gains in commodity and China bank stocks. Champlus Asset Management's Ricky Tam says index could test 7,000 near-term, as overhang on China banks not settled, as strategic investors in these banks may further cut their holdings. "I think H-shares index could fall more in the near-term as China banks are still under pressure after today's rebound," says Tam. But says if oil price stabilizes at current level, PetroChina (0857.HK) will stay buoyant at around HK$6.50 so 7,000 likely a strong support. PetroChina +1.9% at HK$6.54; BOC (3988.HK) +3.2% at HK$1.91, BoCom (3323.HK) +2.1% at HK$7.86, CCB (0939.HK) +3.5% at HK$3.83.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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