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2009-6-23 12:05:00 p.m. HKT, XFNA
DJ MARKET TALK: BOC HK Off 4.3%; MS Tips Likely Share Weakness
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| 1154 [Dow Jones] BOC HK (2388.HK) down 4.3% at HK$12.42, lagging blue-chip peers Hang Seng Bank (0011.HK), Bank of East Asia (0023.HK), likely in part affected by tactical note from Morgan Stanley tipping BOC HK share price to fall relative to HSI over next 60 days, assigns 70%-80% or "very likely" probability for scenario. Notes BOC HK shares done fairly well over last two months, driven by Bank of China's (3988.HK) announcement to up stake in BOC HK; subsequently, improving markets also supported stock performance due to expectation of writeback of MTM losses, but believes BOC HK's NIM under pressure, coupled with weakness in fees, will likely impact earnings. Stock, like many other blue chips, now below 10-, 20-day moving averages; next support at 50-day MA at HK$11.77. (RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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