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2009-5-8 11:11:00 a.m. HKT, XFNA
DJ MARKET TALK: Some HK Brokers Higher; Surging Market Volume
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| 1059 [Dow Jones] Some HK-listed brokerage stocks higher, despite modest profit-taking in HSI (down 0.9%), as sector boosted by soaring equity markets' volume spike. Among these, Shenyin Wanguo (0218.HK) +2.3% at HK$4.03, Taifook (0665.HK) +7.8% at HK$1.93, First Shanghai (0227.HK) +4.5% at 93 HK cents, after HSI's 18.3% rally over past 6 sessions, with market volume jumping to HK$95.21 billion Thursday.All three stocks trading above 250-day moving averages, further upside depends on whether liquidity flows remain strong. Liquidity-driven rally likely to lead HSI to test 250-day moving average (17,486) near-term, as current mild pullback suggests more upside near-term. Bourse operator HKEx (0388.HK) +1.1% at HK$114.10.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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