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2009-6-1 03:20:00 p.m. HKT, XFNA
DJ MARKET TALK: Rotational Buying Name Of Game In HK Market Rally
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| 1459 [Dow Jones] Rotational buying name of game in HK with absolute laggards - China IPPs, most obvious relative laggards - China insurers which underperformed China banks recently, all playing strong catchup. Could be yet another sign HSI peaking, though peak so difficult to call given red-hot investor sentiment, abundant liquidity. 5 IPPs each up at least 5%, while China Life (2628.HK) +5.8% at HK$29.90, Ping An (2318.HK) +7.0% at HK$57.50, higher-beta PICC (2328.HK) +12.5% at HK$8.58. "The switch into smaller counters and lagging sectors should be expected, as long as liquidity remains abundant," Taifook says. HSI +3.5% at 18,801.17, adding to 17% gain in May, and up jaw-dropping 65.6% vs March 9 close.(RLI)
(Delayed by 1 hour)
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