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2009-3-10 12:00:00 p.m. HKT, XFNA
DJ MARKET TALK: Sinotrans +15.7%; But Outlook Sluggish-Tanrich
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| 1149 [Dow Jones] Sinotrans Shipping (0368.HK) moving from strength to strength, +15.7% at HK$1.92, after FY results beat market expectation (2008 net profit +146.4% on-year at US$347.1 million vs US$294.2 million tipped by Thomson Reuters). Strong rally also backed by recent gains in Baltic Dry Index (+16% at 2,262 over 7-straight sessions), suggests industry may have bottomed out for now, says Jackson Wong at Tanrich. But short-term rally may not sustain, suggests long-term investors buy on dips as sector outlook remains sluggish medium-term. Stock unlikely to trouble year-to-date high at HK$2.30. Other dry-bulk shippers also up, with China Cosco (1919.HK) +5.3% at HK$4.61, Pacific Basin (2343.HK) +3.0% at HK$3.41.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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