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Reply #10: HK Shares End Sharply Down;Market Seen In Consolidation Phase [View All]

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ozymandius

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Thu May-14-09 05:22 AM
Response to Original message

10. HK Shares End Sharply Down;Market Seen In Consolidation Phase

HONG KONG (Dow Jones)--An unexpected drop in U.S. retail sales figures released overnight cast fresh doubt over the pace of recovery in the U.S. economy, sending Hong Kong's benchmark index sharply lower Thursday.

Property developers led declines after recent sharp gains. Analysts said economic concerns have ended the market's rally for now, and profit-taking pressure will be heavy in the near term.

The Hang Seng Index fell 517.93 points, or 3.1%, to 16,541.69, its lowest closing level since May 5, when it ended at 16,430.08.

http://online.wsj.com/article/BT-CO-20090514-705224.html

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