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2009-5-20 12:39:00 p.m. HKT, XFNA
DJ MARKET TALK:China Plays To Correct,But Marks Reentry Chance-CS
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| 1213 [Dow Jones] Renewed concern on China's growth momentum could trigger market correction after strong rally since early March, Credit Suisse says, noting both MSCI China, H-share indexes already close to or surpassing house's year-end targets. Notes also, house forecasts China PMI may dip below 50 in next few months amid some softening in mainland recovery from late April, index's seasonal pattern. "However, based on our belief that the Chinese economic recovery trend remains intact and global fund flows are still favorable, we advise investors against taking an overly bearish stance." Tips major correction as good time for re-entry. Advises cutting some high-beta exposure, such as property, materials, transportation/shipping, some consumer names; tips focusing big-cap laggard sectors such as telecoms, banks, insurance, capital goods. Tips top picks as China Mobile (0941.HK), ICBC (1398.HK), CCB (0939.HK), CRCC (1186.HK), China Life (2628.HK), Ping An (2318.HK). (LES) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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