 |
|
  |
2009-2-20 11:57:00 a.m. HKT, XFNA
DJ MARKET TALK:HK Resources +20.8%; Chinachem Stake Buy After Lee
|
| |
| 1139 [Dow Jones] Hong Kong Resources (2882.HK) +20.8% to HK$1.51 with volume spiking to HK$156.9 million, boosted by news privately held Chinachem Group bought 9.34% stake for HK$120 million, or HK$1.20 per share, from HK Resources chairman Kennedy Wong. Investors chasing stock higher as this follows purchase of 8.1% stake by Henderson Land (0012.HK) chairman Lee Shau-kee earlier this month, at 50 HK cents/share at that time. HK Resources said in January it planned to buy 3D-Gold Jewelry (0870.HK) for as much as HK$500 million after 3D Gold went into liquidation. Shares being punted higher purely on hopes tycoons such as Lee have Midas touch; difficult to peg fundamental-based target given lack of financial information. Intraday high of HK$1.60 marks year-to-date high, may be immediate cap.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=bsT0%2B90NQ2Wzo%2F4EZ8bLyw%3D%3D. You can use this link on the day this article is published and the following day.
(Delayed by 1 hour)
-0-
Copyright (c) 2009 Dow Jones & Company, Inc. |
| |
News Provided by XFNA |
| |
|
| Copyright(C) AASTOCKS.com Limited 2000. All rights reserved |
| |
|
|
|
