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2009-4-14 03:20:00 p.m. HKT, XFNA
DJ MARKET TALK:HSBC, Fincls Rally;But Still Distant Vs 250-Day MA
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| 1502 [Dow Jones] HSBC (0005.HK) +4.1% at HK$53.00, roughly matching gains in ADRs, rising along with strength in other HK-listed global financials, with Standard Chartered (2888.HK) +6.5% at HK$113.00, Manulife (0945.HK) leaping 13.0% to HK$117.10. News HSBC mulling sale of 3 major office buildings not giving stock much extra boost, as impact hinges on buyers' interest, final pricing if deal done. Despite these stocks' huge rally vs year-to-date lows, unlike mainland financial stocks such as China Life (2628.HK), they are still far away from so-called bull/bear threshold of 250-day moving average, at HK$78, HK$205, HK$143 respectively, testament to both how deeply they had fallen before, also still plenty of upside if they were also able regain 250-day MAs. HSBC most heavily traded stock with HK$2.24 billion.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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