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2009-7-7 08:17:00 a.m. HKT, XFNA
DJ MARKET TALK: UOBKH Underweight Dry Bulk Shippers, Bearish BDI
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| 0805 [Dow Jones] UOB KayHian says Baltic Dry Index has had weak start to July (down 10.2% month-to-date), dragged down by Capesize market, less fixtures on Australia/China routes; "We maintain our stance that the BDI will decline in July." Adds, China's iron ore imports could continue to edge down on monthly basis given current high level of stockpiles at Chinese ports. House keeps Underweight on regional dry bulk shipping sector. Among HK listed dry bulk shippers, China Shipping Development (1138.HK) ended +1.1% at HK$9.95 Monday, Pacific Basin (2343.HK) down 2.0% at HK$4.79, China Cosco (1919.HK) down 1.2% at HK$9.04.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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