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2009-6-5 12:37:00 p.m. HKT, XFNA
DJ MARKET TALK: HK Dry Bulk Shippers Down;BDI Ends Winning Streak
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| 1229 [Dow Jones] HK dry-bulk shipping stocks down, underperforming vs HSI's 0.2% fall, after Baltic Dry Index ended 23-session winning streak to finish 4.6% lower at 4,093 Thursday. BDI +142.2% between April 29 and June 3, mainly supported by continuous imports of iron ore to China, analysts have said. Castor Pang at Sun Hung Kai Financial tips further downside in these shares ahead, as oversupply of vessels will weigh on BDI in 4Q. Expects dry-bulk shipping stocks to fall 10% more from their current levels near-term. Pacific Basin (2343.HK) down 4.3% at HK$5.53, China Cosco (1919.HK) down 5.1% at HK$10.52, China Shipping Development (1138.HK) down 3.6% at HK$11.10. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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