Catherine, Just had to post this on this thread. Softbank and CAAFF mentioned. The CAAFF commentary could certainly not HELP our price in this stock. Did you unload it all? I still drowning in redddd.
Friday, March 10 12:11 PM SGT
MARKET TALK-HK: Denway Earnings To Soar This Year
1211 [Dow Jones] STOCK CALL: China auto shares have dropped before its entry into WTO on competition fears, but
analysts say this may have created good buying chance for few stronger companies. One is Denway Investment (0203), which
has 50-50 JV with Honda in Guangzhou; David Cui, vice president at Merrill Lynch, initiated coverage of Denway last month
with buy rating and expects Denway's earnings to soar over 700% this year. Shares flat at 60 cents, vs 52-week low of 40
cents.(JRD)
1206 [Dow Jones] Celestial Asia Securities Holdings (1049) Chairman Bankee Kwan tells Dow Jones he's "not aware" of any
move by Pacific Century CyberWorks (1186) to sell its 5% stake in his company's CASH Online unit; adds CyberWorks
would have to seek company's consent before selling. Apple Daily quoted unnamed sources as saying CyberWorks had sold
stake.(VWY JT)
1155 [Dow Jones] Overnight Hibor dips to 4.75% as large U.K. bank again seen lending aggressively, but quickly bounces
back to 5.00%. Trader with European bank in HK expects rate to stay relatively low vs USD Libor as banking system liquidity
is ample.(EAR)
1139 [Dow Jones] Hongkong.com (8006) and Tom.com (8001) will continue to consolidate as both still overpriced, says Ellen
Chow, research manager at Phoenix Capital Research; says Hongkong.com support at around $5.50. Prices should be more
volatile after SUNeVision lists next week, as retail investors will prefer to bid up two cheaper stocks on speculative buying
while SunEvision will be preferred by international institutional investors. Hongkong.com down 16% to $5.65, Tom.com down
8.9% to $11.30.(VWY)
1135 [Dow Jones] Top official at Japan's Softbank confirms at HK press conference it's interested in forging future relationship
with Lai Sun Group, without giving any details. Lai Sun Group, including Lai Sun Garment International (0191), Lai Sun
Development (0488), and Lai Sun Hotels (0571) suspended from trade this morning, pending announcement on proposed
acquisitions by Lai Sun Development and Lai Sun Hotels of Internet related assets and connected transaction involving issue of
shares of Lai Sun Development.(KWW CKC)
1129 [Dow Jones] Hang Seng March futures now up 300 points to 17830, in part driven by short-covering by ING Barings
and W.I. Carr, says futures sales manager with European brokerage. "Yet futures activities are relatively quiet, because even
those institutions, mindful of the upcoming Fed meeting and fearing a bigger market correction, are not covering all the short
contracts," he says.(KWW)
1116 [Dow Jones] HK Internet content provider China Infobank will raise up to $500 million in IPO before GEM listing,
president of company tells Dow Jones. Source at underwriter says indicative price range $1.18 to $1.48. A total of 90% of
new shares slated for placement while 10% offered to public. IPO to start end of next week at earliest, and listing expected end
March. Company is 40% owned by property investment group Asia Orient Holdings (0214).(SKO)
1112 [Dow Jones] Hang Seng expected to consolidate before retesting 18000 again later today, says trader at local
brokerage; says gains still focused on select market heavyweights such as Hutchison (0013) and Cheung Kong (0001) with
index up 1.8% to 17954.(STT)
1105 [Dow Jones] Hongkong.com (8006) down 8.2% to $6.20 after surging more than 250% on debut yesterday, but still
well above $1.88 IPO price. "It's normal that this much-hyped stock will lose momentum much sooner than Tom.com (8001),"
says trader with local brokerage. "The biggest difference is that Hongkong.com will have to outsource much of its online
content, while Tom.com has capital to develop its own." Tom.com down 3% to $12.(KWW)
1100 [Dow Jones] "It's nothing more than reports in papers," says Sunny Chan, head of research with KGI Asia, of rumors
HSBC Holdings PLC is mulling takeover of German's Commerzbank. HSBC (0005) now flat at $87.75. Chan says bank's
reluctance to be bought will make rumored acquisition - even if confirmed - a long and painstaking process. Bank sector
continues to underperform; subindex up 0.1% while Hang Seng up 1.4%. "With an imminent Fed rate hike, banking stocks
should be considered faring well even if they stay flat," another trader says.(KWW)
1054 [Dow Jones] China considering creation of Hong Kong-style banking association as first step towards allowing market to
set interest rates, but change won't happen overnight. Central Bank governor Dai Xianglong says letting cartel set market rates
is long-term aim.(OGB)
1049 [Dow Jones] Nasdaq's first close above 5000 lifts most tech counters. Pacific Century CyberWorks (1186) up 1.5% to
$23.30, New World CyberBase (0276) up 5% to $1.67. Asia Satellite (1135) up 14% to $37.30, helped by 6.1% gain in
U.S. ADRs overnight. Legend (2982) up 2% to $15.30. "More and more investors are shifting investments from main board
tech stocks to the second board," says trader with European brokerage.(KWW)
1045 [Dow Jones] Playmates Toys (0635), majority shareholder of Harbour Ring (0715), retreats 10% to $1.79 on
profit-taking as counter has already factored in news that Hutchison (0013) and U.S. Internet Capital Group to take 68.2%
stake in Harbour Ring. Volume worth $53.6 million, making it one of most actively traded stocks so far.(STT)
1041 [Dow Jones] STOCK CALL: Adrian Fung, China analyst for ABN Amro Asia, bullish on light truck maker Qingling
Motors (1122); says Qingling should remain strong in WTO era as products already priced 10%-15% lower than imports, and
no foreign firm has taken significant position in China's truck sector. Shares flat at 84 cents, near one-year low of 78 cents, but
Fung expects them to go as high as $1.30 in next 12 months.(JRD)
1037 [Dow Jones] "It's one of those classic (Hang Seng) openings - tracking U.S. overnight gains but soon capped because of
a lack of fresh news," says Francis Lun, general manager with Fulbright Securities. Hang Seng now up 1.6% to 17928, with
upward momentum curbed by selling in futures by handful of institutional investors. Futures now at 78-point discount to cash
index.(KWW)
1034 [Dow Jones] HK trader notes some bottom-fishing in HKD forwards, which starting to rise; one-year up a touch at
68-75 from 65-70; six-month 4-9 from 1-5.(EAR)
1031 [Dow Jones] Nikkei ends morning session up 1.4% at 19938 on Wall Street gains and net buying of cash stocks on view
Nikkei March futures settled much higher than expected. Although sentiment positive, energy likely lacking for break above
20000 today, especially ahead of Monday's GDP release, says Japan brokerage general manager.(NXN)
1029 [Dow Jones] Shanghai-listed A-shares of Jiangsu Zongyi Co. up 10% at CNY48.35 with investors chasing up stock on
HK media reports that 8848.com, a popular business-to-consumer Web site in China, will raise between $30-80 million via
Nasdaq listing. Jiangsu Zongyi has indirect stake in 8848.com through subsidiary. Filing with US regulators on 8848.com's
listing unsighted as yet.(KCT)
1025 [Dow Jones] Hang Seng March futures up 1.5% at 17800 on DJIA gains overnight; thin volume at 1421 contracts.
Trader at local brokerage says active buying through Jardine Fleming and some local brokerages.(STT)
1022 [Dow Jones] USD/HKD edging closer to 7.7845 HKMA convertibility rate on continued arbitrage trades, says HK
trader; players taking advantage of interest rate differential between Hibor and USD Libor, outweighing interest in HKD for
stock market investment.(EAR)
1021 [Dow Jones] Toy manufacturer Harbour Ring (0715) vaults 542% to $7.95 on resumption of trade today, after
yesterday's news that Hutchison (0013) and U.S.-based Internet Capital Group have agreed to take 68.2% stake in company.
Trader says trading in counter very volatile and expects heavy profit-taking ahead.(STT)
1016 [Dow Jones] New listing Decca Holdings (0997) debuts at $1.99; now at $1.80, up 18.4% from IPO price of $1.52.
However volume is low, with no trades until 10 minutes into session.(JT)
1012 [Dow Jones] Hang Seng rebounds early, boosted by overnight DJIA gain and record Nasdaq close. Hang Seng now up
1.1% at 17827 after touching intraday high of 18001. Trader says initial resistance at 18000. Hang Seng gains propelled mostly by Hutchison (0013) which announced JV with U.S.-based Internet Capital Group, up 2.6% to $140, China Telecom (0941),
up 2.1% to $74.25 and Cheung Kong (0001), up 1.9% to $108.50.(KWW)
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