 |
|
  |
2009-7-8 09:01:00 a.m. HKT, XFNA
DJ MARKET TALK: HK Commodity Stocks Set To Fall; Crude Price Down
|
| |
| 0854 [Dow Jones] HK-listed commodity-related shares likely to fall, with crude oil price extending losses, as August crude futures settled 1.7% lower at $62.93/bbl on Nymex, suggests negative view over commodity prices medium-term, says Francis Lun at Fulbright. ADRs of these stocks down vs their local close, with Cnooc (0883.HK) down 1.9% at equivalent of HK$8.86, Chalco (2600.HK) down 2.3% at HK$6.87, PetroChina (0857.HK) down 2.2% at HK$7.99. These stocks ended down 1.4% to 2.0% at local close Tuesday. "The commodity plays are vulnerable to concerns of weak demand and doubts over global economic revival will likely to add pressure on the commodity prices," Lun says. Tips crude price may test $50/bbl medium-term, says indicates Cnooc may touch HK$7.00.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
-0-
Copyright (c) 2009 Dow Jones & Company, Inc. |
| |
News Provided by XFNA |
| |
|
| Copyright(C) AASTOCKS.com Limited 2000. All rights reserved |
| |
|
|
|
