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2009-6-29 04:00:00 p.m. HKT, XFNA
DJ MARKET TALK: Cnooc Dn 2.7%;More Consolidation Eyed N/T-Tanrich
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| 1550 [Dow Jones] Upstream play Cnooc (0883.HK) down 2.7% at HK$9.64, worst-performing among oil majors, with integrated play PetroChina (0857.HK) down 0.8% at HK$8.61 and downstream play Sinopec (0386.HK) +0.2% at HK$5.71, moving in logical pattern after August Nymex crude futures settled 1.5% lower at US$69.16/bbl Friday. Tanrich's Jackson Wong thinks oil price may have peaked for now, tips near-term crude price range of US$55/bbl-US$65/bbl. Expects further consolidation in Cnooc, after stock's 7.4% rise over past 3 sessions. Suggests investors to buy when it falls to around HK$9.00.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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