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2009-2-24 02:44:00 p.m. HKT, XFNA
DJ MARKET TALK: Cosco Pac Down 8.4%; Imminent Pricing War - Citi
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| 1432 [Dow Jones] Citigroup warns "a pricing war is about to explode" for China port operators; says after latest China ports visits, believes February exports falling sharper than January's 18% decline while leading indicators unveil even scarier picture, pointing to at least 20% export drop in coming months. House keeps Sell call on Cosco Pacific (1199.HK), Tianjin Port (3382.HK), target prices HK$4.50, HK$1.15 respectively; China Merchants (0144.HK) rated Hold with HK$13.80 target but house keeps Dalian Port (2880.HK) as Buy with HK$2.65 target, as 3 million tons strategic oil reserve being filled. Cosco Pacific tumbles 8.4% to HK$6.09 midday, is worst-performing blue chip; China Merchants down 3.9% at HK$13.46.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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