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2009-6-9 12:17:00 p.m. HKT, XFNA
DJ MARKET TALK: HK Dry Bulkers Down; Sentiment Turning - JPMorgan
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| 1143 [Dow Jones] HK dry bulk shipping stocks underperform vs HSI's 1.9% decline, as sector battered by Baltic Dry Index's 4.3% loss to 3,646 Monday, with BDI falling 15.0% over past 3 sessions. JPMorgan notes "sentiment turning" after all vessel segments retreated late last week except Handysize (flat). "There has also been some disconnect between the actual fixtures and the BDI, leading to industry feedback that the index is not necessarily representative of the actual freight markets," says JPM. Adds, forward freight agreement market corrected sharply in past week on news rates were beginning to soften in physical market. Within sector, Pacific Basin (2343.HK) down 3.7% at HK$5.17, China Cosco (1919.HK) down 4.0% at HK$9.58, China Shipping Development (1138.HK) down 3.3% at HK$10.58.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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