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2009-6-26 12:59:00 p.m. HKT, XFNA
DJ MARKET TALK: Wing Hang +9.2%;Potential Takeover Target-Reports
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| 1245 [Dow Jones] Wing Hang Bank (0302.HK) +9.2% at HK$73.10, extending from 9.0% rise yesterday, on speculative interest with bank viewed as a potential takeover target based on local media, says Prudential's Kingston Lin. Adds, stock has ignored Reuters' report citing ICBC's (1398.HK) president Yang Kaisheng as saying "No such thing." "Potential M&A catalysts are driving the stock higher, while investors may still think of other potential buyers of Wing Hang after ICBC's (reported) denial," Lin says. Expects stock may rise further near-term, but declines to project a level. Stock off early high of HK$73.70, vs year-to-date high of HK$75.50. ICBC +0.7% at HK$5.43. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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