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2009-5-14 03:20:00 p.m. HKT, XFNA
DJ MARKET TALK:H-Shares Off 3.4%;Liquidity Biggest Risk -Fund Mgr
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| 1500 [Dow Jones] H-share index down 3.4% at 9,408.61, mostly in line with HSI's 3.5% correction. HK-based fund manager tips, "we could get our seasonal steep correction in H-shares at this point," with perhaps 20% downside from here. Says likely credit withdrawal biggest risk; "there is going to have to be a withdrawal of some of that bank credit that bathed the system in the first quarter... some of that money will have to be withdrawn and that is going to pull down equity markets in Greater China." 41 of 43 index members down; those falling more than 5% include Shanghai Petrochem (0338.HK), Angang Steel (0347.HK), Sinopec (0386.HK), PetroChina (0857.HK), Beijing Airport (0694.HK), China Communications Construction (1800.HK), China Coal (1898.HK), Chalco (2600.HK) - majority being commodities-related stocks.(RLI)
(Delayed by 1 hour)
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