Wall Street continued yesterday's rally by adding another 400+ points before 10:00 A.M. on Friday. Strong market sentiment carried over to Chinese ADRs, too. Stocks that were hit the hardest came back real strong this morning.
CNOOC Ltd. (CEO), China's top off-shore oil producer, is up $12.73 followed closely by Sinopec (SNP) and Petrochina (PTR). Another huge company, China Mobile (CHL) is strong and is up $4.90 in the first few minutes of trading. Europe's largest bank, HSBC Plc (HBC) is up $4.78 or 6.01%.
Suntech Power (SNP), China's premium solar company is up over 10% or $4.09 - we just issued some food for thought on this company this morning. China Telecom (CHA), China's largest fixed line carrier is up $4.01 or 9.57%. Strength in the telecom sector is well taken following shareholders approval of the China Unicom (CHU) and China Netcom (CN) merger. This means that telecom industry restructuring is going as planned and way oversold CHA and CHL are finally catching some fire.
Baidu.com (BIDU), China's premium search engine company, is the top loser of the day so far but this has to be taken into perspective. The stock rallied from under $240 yesterday to close at $305.25n up over 60 bucks! So today's drop of $9.56 in early morning trading is just a technical correction rather than sign of weakness.
|
Top 10 - Bottom 10 - China ADR |
19-Sep-08 |
9:36am |
|
Name |
Symbol |
Price |
Change |
Change% |
|
|
|
|
|
|
|
CNOOC LTD ADS |
CEO |
$125.05 |
$12.73 |
11.33% |
|
CHINA PETRO & CHE |
SNP |
$91.20 |
$9.40 |
11.49% |
|
PETROCHINA CO ADS |
PTR |
$109.00 |
$6.00 |
5.83% |
|
CHINA MOBILE LIMI |
CHL |
$56.58 |
$4.90 |
9.48% |
|
HSBC HLDGS PLC AD |
HBC |
$84.30 |
$4.78 |
6.01% |
|
|
|
|
|
|
|
SUNTECH POWER HLD |
STP |
$44.59 |
$4.09 |
10.10% |
|
CHINA TELECOM CP |
CHA |
$45.90 |
$4.01 |
9.57% |
|
SOHU.COM INC |
SOHU |
$63.94 |
$3.86 |
6.42% |
|
FOCUS MEDIA HOLDI |
FMCN |
$30.00 |
$3.17 |
11.82% |
|
GUANGSHEN RAIL CO |
GSH |
$26.00 |
$3.12 |
13.64% |
|
|
|
|
|
|
|
CHINA EASTERN AIR |
CEA |
$16.58 |
$0.00 |
0.00% |
|
HUTCHISON TEL ADS |
HTX |
$17.71 |
$0.00 |
0.00% |
|
SINOPEC SHANGHAI |
SHI |
$23.34 |
$0.00 |
0.00% |
|
SEMICONDUCTOR MFG |
SMI |
$1.80 |
$0.00 |
0.00% |
|
COGO GROUP |
COGO |
$5.79 |
$0.00 |
0.00% |
|
|
|
|
|
|
|
CITY TELECOM(HK) |
CTEL |
$3.61 |
$0.00 |
0.00% |
|
I-CABLE COMM LTD |
ICAB |
$25.55 |
$0.00 |
0.00% |
|
LINKTONE LTD. |
LTON |
$1.45 |
-$0.05 |
-3.33% |
|
CTRIP.COM INTL LT |
CTRP |
$47.52 |
-$2.98 |
-5.90% |
|
BAIDU.COM |
BIDU |
$295.69 |
-$9.56 |
-3.13% |