|
|
|
|
| Market Outlook |
Friday, May 09, 2008: 12:01 |
 |
|
|
|
|
|
Hang Seng Index closed down 0.6% at 25,449 while HSCEI fell 1.6%. Oil and insurance stocks underperformed. China Telecom (728), China Netcom (906) and China Unicom (762) gained 1.4%-2.9%. CITIC Resources (1205), after a gain of 12% in five trading days, appeared technically overbought with 9-day RSI at 84. CITIC 1616 Holdings (1883), listed in April 2007 at an IPO price of $2.58, rose 11% yesterday to $2.23 with heavy turnover at 2.7x 3-month daily average. Minmetals Resources (1208) advanced 4% yesterday or 16% in five trading days. Pacific Basin (2343) raised $2.1bn through a share placement at $13.52 per share. We maintain our BUY rating on Minmetals Resources and Pacific Basin. Sinofert (297, $6.10) 12M Target $8.0 BUY Pacific Basin (2343, $14.54) 6M Target $19.0 BUY |
|
Buy
Sell
|
|
|
| Previous Market Outlooks |
|
|
| |
|
|
This commentary/recommendation is for information only and is not to be construed as investment advice or as an offer to buy or sell securities. While the commentary/recommendation is compiled using sources believed to be reliable, no assurance or guarantee is given regarding its accuracy nor completeness. Neither Dao Heng Securities nor any other Guoco Group companies, (nor any employees or other persons connected with any of them) accepts any responsibility or liability arising from any use of this commentary/recommendation. To the extent permitted under applicable law, the above-mentioned companies or individuals may have used the research materials before publication. However, it is hereby declared that neither Dao Heng Securities nor the writer, at the time of writing, has interest in any of the securities mentioned in this commentary/recommendation. |
|
|
|
|
