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2009-5-13 04:27:00 p.m. HKT, XFNA
DJ MARKET TALK: HK Small Cap Outperformance May Tip Mkt Peak -CS
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| 1600 [Dow Jones] Extended outperformance of second-tier small caps usually marks reliable signal of short-term market peak, Credit Suisse says. Notes HK small caps outperformed MSCI HK Index by 19%, China small caps outperformed MSCI China Index by 35% over past five months from distressed levels. "While the stock market is rising at an unexpectedly fast pace with fears fading out amid the improving economic data and business from an exceptionally depressing low base, outperformance of the yet-undervalued small caps has accelerated as investors are chasing beta." Tips some China, HK small caps underperforming vs MSCI indexes and trading below book value or at low consensus valuations, including Dah Sing Banking (2356.HK), Dah Sing Financial (0440.HK), China Aoyuan (3883.HK), Luk Food (0590.HK), China Green (0904.HK), Jinhui Holdings (0137.HK). Keeps sector at Overweight. Hang Seng HK Small-Cap Index +2.2% at 1,541.78 vs HSI down 0.5%. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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