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| Market Outlook |
Thursday, July 22, 2010: 10:42 |
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Hang Seng Index closed up 1.1% at 20,487. HSCEI surged 1.6%. Market turnover stood at $55.1 billion. Heavily weighted HSBC (5) advanced 2.2% on expectation of strong interim results. China Mobile (941), China Unicom (762), China Telecom (728) climbed 1.2%-2.4%. Hong Kong property stocks showed mixed performance. New World Development (17) jumped 3.5% on analyst upgrade whilst SHK Properties (16) fell 0.5%. Shipping, airline, steel and non-ferrous metal stocks outperformed the HSCEI. Angang Steel (347) soared 7.9% due to anticipation of accelerating industry consolidation and rising steel prices. China Cosco (1919) and China Shipping Development (1138) added 4.6%-4.8% given a continuous rebound in Baltic Dry Index. Three largest airline companies went up more than 4%. Chalco (2600) and Jiangxi Copper (358) rose 3.0%-3.2%. Ten largest PRC property developers all increased with an average gain of 2.2%. Chinese banks and insurance companies slightly underperformed the HSCEI. Fufeng Group (546, $5.35) 12M Target $6.34 BUY |
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| Previous Market Outlooks |
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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 GCap 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 GCap nor the writer, at the time of writing, has interest in any of the securities mentioned in this commentary/recommendation. |
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