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2009-5-8 10:45:00 a.m. HKT, XFNA
DJ MARKET TALK: Manulife Off 6.0%; But Stock Markets' Rally Helps
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| 1035 [Dow Jones] Manulife (0945.HK) down 6.0% at HK$148.00 after reporting second consecutive quarterly loss, with 1Q net loss at C$1.068 billion. Still, stock off early low of HK$145.60, may not be troubled again, supported by company paying higher DPS of 26 Canadian cents, underscoring management confidence; stock turning into yield play with historic yield at 4.4%. Also, current rally in global equity market bodes well for Manulife's 2Q results. Desjardins Securities believes current market environment favors Manulife over another Canadian insurer Great-West, due to Manulife's greater sensitivity to stock markets. Volume modest at HK$35.5 million.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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