STOCKWATCH: Dao Heng Bank lower on range trade

HONG KONG (AFX-ASIA) - Dao Heng Bank was lower in mid-morning trade as  investors locked in the stock's recent gains and shifted their attention to  other small and medium sized banks, dealers said.      At 11:55 am, Dao Heng Bank was down 1.00 hkd or 2.72 pct at 35.70 hkd on  volume of 985,000 shares, while the Hang Seng financial sub-index was up 94. 48 points at 19,431.10.      The Hang Seng Index was down 2.56 points at 12,947.93 on turnover of 3.27  bln hkd.      Steven Chan, an analyst with G.K. Goh, said the fall in Dao Heng Bank's  share price was the result of range trade with investors taking profit from  recent gains.      Instead, the analyst said, other small and medium banks appeared  relatively stable on the support of rotational buying.      Dah Sing rose 0.50 to 37.50, Wing Lung Bank gained 0.10 to 33.50 and LCH  Bank added 0.05 to 8.55.      "It is just a range trade and I do not see any particular reasons  (related to fundamentals) behind the fall...I still have a 12 month target  price of 42 hkd for Dao Heng Bank, Chan said.      However, Chan said compared with potential growth in share prices of  other small and medium banks, Dao Heng Bank's upside is not very attractive.      Chan said he recommends a long term neutral hold on the bank.			

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