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2009-3-10 03:19:00 p.m. HKT, XFNA
DJ MARKET TALK: HK Dry Bulkers Up But Gains May Not Sustain-VCCEF
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| 1510 [Dow Jones] Sinotrans Shipping (0368.HK) +14.5% at HK$1.90, lending support to other dry bulk shipping stocks after reporting FY08 net profit +146% on-year, with Baltic Dry Index also supportive (+16% at 2,262 over past 7 sessions); but gains in sector may not sustain. "The recent rebound in the Baltic Dry Index is nothing when comparing with its heyday (of 11,793) in May last year. If you look at the recent economic data, you won't find anything supportive to buy these stocks," Louis Tse at Value Convergence CEF says. China Cosco (1919.HK) +7.1% at HK$4.69, Pacific Basin (2343.HK) +6.0% at HK$3.51.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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