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2009-6-4 03:41:00 p.m. HKT, XFNA
DJ MARKET TALK: HK Dry-Bulkers Sharply Down;Take Quick Profit-UOB
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| 1527 [Dow Jones] HK dry-bulk shipping stocks sharply lower, mainly due to consolidation after recent sharp gains. which tracked advance in Baltic Dry Index (+4.5% at 4,291 Wednesday, or 142.2% over past 23 sessions). Steven Leung at UOB KayHian says recent gains in both BDI and shipping counters "derailed from basic fundamentals," more due to speculative interest. Rather than holding these stocks, Leung suggests investors take quick profits. China Cosco (1919.HK) down 7.1% at HK$11.06, with stock topping short-selling list with HK$330.74 million midday, Pacific Basin (2343.HK) down 6.4% at HK$5.75, China Shipping Development (1138.HK) down 7.3% at HK$11.42. Trio up 37.2%-86.2% since end-April.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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