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2009-2-9 03:30:00 p.m. HKT, XFNA
DJ MARKET TALK: HK Resources +86.0%; Lee Shau-Kee's Midas Touch
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| 1516 [Dow Jones] HK Resources (2882.HK) rockets 86.0% to HK$1.06, boosted by news Henderson Land (0012.HK) Chairman Lee Shau-kee agreed to buy 8.1% stake for HK$20 million via Shau Kee Financial Enterprises, to help it fund purchase of local jeweler. Lee once dubbed by HK media as Asia's Warren Buffett; investors apparently chasing stock higher on hopes of Midas touch. Still, worth noting HK$20 million is drop in ocean vs Lee's wealth, and local media reports say Lee's son married to daughter of HK Resources Executive Director Chui Chuen Shun, thus investors perhaps better served not to take Lee's stake buy as absolute vote of confidence in HK Resources. Volume swells to HK$127.5 million, intraday peak of HK$1.10 sets year-to-date high, may be immediate cap.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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