Shares in Hong Kong bulk owner Pacific Basin jumped today after Deutsche Bank initiated coverage on the firm with bullish predictions for the bulk market until at least 2009.
PacBasin’s stock rose as high as HKD 11.88 during the day and closed at HKD 11.72, a 9% rise on the previous day’s close.
The run followed a buy recommendation by Deutsche and strong expectations by the bank for more rate increases in the bulk sector.
Deutsche
