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2009-7-6 03:51:00 p.m. HKT, XFNA
DJ MARKET TALK: China Bks Off; Correction To Offer Buy Chance -KE
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| 1543 [Dow Jones] Recently outperforming HK-listed China banks taking back seat today, succumbing to profit-taking, with all 6 H-share banks lower vs HSI down 1.1%. China Construction Bank (0939.HK), Bank of Communications (3328.HK) - among strongest recently - falling most. Kim Eng says sentiment seems to have weakened, expects overall market correction to come, mainland banks would probably follow market direction. Still, expects bigger banks to hold up better, "due to their lower valuations and higher dividend yields." Top pick still CCB, "any big corrections will be a good chance to accumulate." CCB down 2.5% at HK$5.80, BoCom down 3.4% at HK$8.43.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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