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2009-4-27 11:52:00 a.m. HKT, XFNA
DJ MARKET TALK: HK Pharmaceutical Stocks Surge; Wuyi +33.3%
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| 1142 [Dow Jones] HK-listed pharmaceutical stocks' rally picking up pace, led by Fujian-based Wuyi Pharmaceutical's (1889.HK) 33.3% rally to 95 HK cents; volume spiking to HK$59.8 million vs paltry HK$1.6 million all of Friday. Sector punted higher on perceived benefits if swine flu outbreak spreads, but investors perhaps need to take note no HK-listed pharmaceutical firms make specific medicine that can fight swine flu, such as Tamiflu. Peers Guangzhou Pharmaceutical (0874.HK) +8.5% at HK$3.08, China Pharmaceutical (1093.HK) +14.7% at HK$4.36, United Lab (3933.HK) +12.8% at HK$3.27; tiny (market cap HK$258 million) GEM-listed Core Healthcare (8250.HK) +34.6% at 3.5 HK cents. Hard to tip when sector punting may cool off, as hinges on newsflow regarding swine flu, though profit-taking could set in as fast as shares being pushed higher.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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