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Macau casino stocks soar in Hong Kong trading

18 December 2008

HONG KONG, China -- As reported by Reuters: "Hong Kong shares edged up 0.2 percent on Thursday with 3.4 percent drop in HSBC Holdings countering some of the gains in Chinese industrial stocks on hopes for more economic stimulus measures from Beijing.

"Badly-battered Macau casino stocks outperformed on year-end short covering and expectations that tight travel restrictions for mainland Chinese gamblers will be relaxed.

'We expect the Mainland Chinese visa restrictions to be lifted by mid-next year, which will drive a rebound in visitation into Macau once again. With this in mind, we still believe that the longer term fundamentals for Macau's gaming sector remain sound,' said Gary Pinge, gaming analyst with Macquarie in Hong Kong.

"Galaxy Entertainment ended up 40 percent, having slumped nearly 90 percent this year..."

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