Shares of Chinese companies listed in the U.S. opened mixed to day after steep losses in last week. oil compnies are in focus again. China's offshore specialist, CNOOC Ltd. (CEO), is enjoying a ride on the back of strong oil prices. The stock is up $4.25 or 2.68% at the open. High oil prices hurt refiners. Asia's largest refiner, Sinopec (SNP) opened -0.23 percent lower while Petrochina (PTR), China's largest oil produceer with a significant refining on its own, opened -0.65 percent lower. China's decision to increase gasoline and diesel retail prices last week sent prices of refiners out the roof just to see them tumbling the next day. Overall SNP and PTR are trading sideways signalling as if the markets haven't figured out what to make out of the price increae combined with record oil prices yet. SNP is red while PTR is blue on the following chart.
Quality stocks are leading Chinese ADRs today. Stocks with strong first quarter earnings like Sohu.com, Sina Corp., Baidu.com and China Mobile are making headways along with airliners. Airliners are on a technical rebound after Friday's free-fall and as such may be just short lived. CEA is blue and ZNH is red on the following chart.
Quality solar companies such as Suntech Power (STP) and Solar Fun (SOLF) are riding on high energy prices. Aluminum Corp. of China (ACH) is leading the loser side, opening -2.64% lower on weak oulook. The company issued a warning that H1 earnings may drop over 50% from last year due to higher costs of bauxite and energy. Our analyst team have started to post several articles regarding ACH and our finding is that besides what ACH had to say, overcapacity of alumina is a major reason for the earnings freefall. This is something ACH is trying to hide for understandable reason but we think the investors comminuty should be aware of this. we will post further findings first to subscrber and then on the blog regarding capacity and demand of alumina.
|
TOP MOVERS |
6/23/2008 9:30 |
|
Symbol |
Price |
Change |
Change% |
|
|
|
|
|
|
CEO |
163.00 |
4.25 |
2.68% |
|
SOHU |
73.70 |
1.79 |
2.49% |
|
CHL |
68.65 |
1.64 |
2.45% |
|
BIDU |
324.00 |
1.11 |
0.34% |
|
LFC |
53.98 |
0.79 |
1.49% |
|
|
|
|
|
|
STP |
41.98 |
0.66 |
1.61% |
|
SOLF |
20.87 |
0.63 |
3.11% |
|
ZNH |
22.10 |
0.60 |
2.79% |
|
CEA |
33.47 |
0.58 |
1.76% |
|
SINA |
45.39 |
0.58 |
1.29% |
|
|
|
|
|
|
NINE |
2.06 |
-0.08 |
-3.74% |
|
JOBS |
18.98 |
-0.15 |
-0.78% |
|
SNP |
101.16 |
-0.23 |
-0.23% |
|
CTRP |
46.99 |
-0.37 |
-0.78% |
|
SNDA |
28.29 |
-0.41 |
-1.43% |
|
|
|
|
|
|
NTES |
21.40 |
-0.54 |
-2.46% |
|
YZC |
86.01 |
-0.60 |
-0.69% |
|
HNP |
31.51 |
-0.62 |
-1.93% |
|
ACH |
31.01 |
-0.84 |
-2.64% |
|
PTR |
132.61 |
-0.87 |
-0.65% |