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2009-6-9 08:17:00 a.m. HKT, XFNA
DJ MARKET TALK: HK Dry Bulkers May Fall; BDI To Stay Weak-UOBKH
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| 0805 [Dow Jones] HK dry bulk-shipping stocks may extend falls after Baltic Dry Index loses 4.3% to 3,646 Monday, down 15.0% over past 3 sessions. UOB KayHian says latest pullback inline with house's expectation BDI to remain weak in June-July, as "summer has been a traditionally weak season for dry bulk shipping due to decreasing shipments of grains and steam coal." Expects iron ore price negotiations between China steel mills and iron ore producers to conclude in this month; afterwards, iron ore producers may not continue aggressive tactics in pushing up BDI by chartering in lot of dry bulk vessels. Keeps regional sector at Underweight. China Cosco (1919.HK) ends down 5.8% at HK$9.99 Monday, Pacific Basin (2343.HK) down 2.5% at HK$5.37.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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