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2009-6-30 03:16:00 p.m. HKT, XFNA
DJ MARKET TALK: 361 Degrees Off Highs; Not For L/T Play - Trader
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| 1510 [Dow Jones] NEW LISTING: 361 Degrees (1361.HK) sustains gains, +10.8% at HK$4.00; but well off intraday peak of HK$4.28, which unlikely revisited for rest of day. 271.5 million shares traded so far, more than half of total shares offered, suggesting many subscribers flipping shares for quick gains. Local trader says many investors subscribing to recent new listings with eye for instant profits, expects same for Friday's new listings Bawang Group (1338.HK), China Qinfa (0866.HK). Adds, unlike IPOs in past few years featuring such state giants as China Life (2628.HK), ICBC (1398.HK), "nowadays it's getting more and more difficult to find IPOs you can hold for the really long term." (RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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