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2009-4-3 12:37:00 p.m. HKT, XFNA
DJ MARKET TALK: StanChart, Manulife Up; FASB Eases MTM Rules
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| 1222 [Dow Jones] Standard Chartered (2888.HK) +7.9% at HK$113.30, Manulife (0945.HK) +5.5% at HK$100.10, after FASB eases U.S. accounting rules that have hobbled banks. Castor Pang at Sun Hung Kai Financial says "mark-to-market" principle of valuing assets likely key reason for sharp volatility for earnings performance of financial companies. "They fly during the good times, but they also need to make hefty provisions during the bad times," says Pang. But tips further upside for duo limited, following recent gains, with StanChart +13.6% over 3 sessions, while Manulife +10.3% Thursday; early highs of HK$114.90, HK$101.20, respectively likely immediate caps. HSBC (0005.HK) down 0.4% at HK$49.20, on profit-taking after 2-session, 15.8% rally.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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