June 5, 2014 (Chinavestor) The China stock monitor noticed an unusual event for the last two trading days. CNOOC Ltd. (NYSE:CEO) was once the best stock of the day, among Chinese peers, and the worst stock the next day. What's up with all this volatility?
NetEase Inc. (NASDAQ:NTES) advanced $1.4 on Wednesday, by far the most among major Chinese NYSE and NASDAQ listings. All other Chinese stocks followed NTES from a distance, just as the following chart testifies.
The second part of the first chart is made up of stocks that fell the hardest. CNOOC Ltd. (NYSE:CEO), China's offshore oil driller, fell the hardest of all. CEO was followed closely by Sinopec (NYSE:SNP) and Petrochina Co. (NYSE:PTR), a sign that weakness was not necessarily stock specific. All three Chinese oil majors underperformed the broad market.
What makes the weakness of CNOOC Ltd. (NYSE:CEO) interesting is that the same stocks was THE BEST Chinese listing just a day before. CNOOC Ltd. (NYSE:CEO) jumped three times as much as any other China listing for that day.
When it came to weak stock for June 3, Baidu Inc. (NASDAQ:BIDU) fell $3.58, bt far the most among major Chinese stocks. BIDU is another highly volatile stock as we know.