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Asian Markets Muddle

China Life Insurance (LFC) shares lost 0.1% in Hong Kong, to HK$51.95, faring similarly in Shanghai, down 0.08%, to 75 yuan.

For the moment, Lee recommends sticking with property stocks such as Cheung Kong Holdings (CHEUY) and petroleum stocks, since she says most shares are overvalued.

"Stocks have been overbought and most of the valuations are at big premiums to expectations now," says Paribas' Lee. "There needs to be a correction in the volatility of the market, and we need to see more consolidation if the Chinese market is to stay healthier."

Daniel M. Harrison is a business journalist specialising in European and emerging markets, in particular Asia. He has an MBA from BI, Norway and a blog at www.theglobalperspective.biz. He lives in New York.
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