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2009-5-18 02:51:00 p.m. HKT, XFNA
DJ MARKET TALK: HSI Down 0.8%; Valuations Stretched - HSBC
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| 1440 [Dow Jones] HSI down 0.8% at 16,663.15 vs 16,578.61 midday, tracking U.S. stocks' fall Friday, but index off intraday low of 16,334.36 as A-shares turn retrace most losses; volume remains tepid at HK$35.19 billion though. HSBC says it hears two objections to view market rally petering out: momentum and liquidity, but "in the past these haven't necessarily kept markets rising," keeps view "not only are (Asian equities') valuations getting stretched, but the better news on the economy and earnings is largely in the price." Bucking downtrend is China Construction Bank (0939.HK), +1.3% at HK$4.85 aided by news Hopu Investment intends to keep CCB shares for at least two years; best performer overall HK & China Gas (0003.HK), +5.8% at HK$16.46 amid strength in China gas companies.(RLI)
(Delayed by 1 hour)
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