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SNP, PTR, SHI defy market, CEO, NTES lack support

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China_flag1 February 21, 2014 (Chinavestor) Selected Chinese oil stocks have been resilient to the market lately. Sinopec (NYSE:SNP), Petrochina Co. (NYSE:PTR) and downstream Sinopec Shanghai Petrochemical (NYSE:SHI) rose the most among Chinese stocks on Thursday as well as on Wednesday. This is quite a feat given that those days, February 20 and February 19, were complete opposite of each other. The Dow Jones Industrial Average (INDEXDJX:.DJI) fell over 60 points on Wednesday but surged 100 points the next day. Weak stocks of these days included CNOOC Ltd. (NYSE:CEO) and Netease Inc. (NASDAQ:NTES) for they fell both days. SouFun Holdings (NYSE:SFUN), Sina Corp. (NASDAQ:SINA), Sohu.com Inc. (NASDAQ:SOHU), and Baidu Inc. (NASDAQ:BIDU) just followed market sentiment.

Sinopec (NYSE:SNP) rose $3.17 in addition to a $6.49gain on Wednesday. Sinopec (NYSE:SNP) was the best Chinese ADR two days in a row. And just how much Sinopec's move was out of the ordinary, take a look at the following charts. Petrochina Co. Ltd. (NYSE:PTR) was also on fire both days, gaining $3.6 in two days. Sinopec Shanghai Petrochemical (NYSE:SHI) was the third best Chinese ADR for both days, as well. The market bypassed Baidu Inc. (NASDAQ:BIDU), a stock that rose a mere $.31 on Thursday. SouFun Holdings (NYSE:SFUN), Sina Corp. (NASDAQ:SINA) and Sohu.com Inc. (NASDAQ:SOHU) were swing traders, going along the market. The same goes for Ctrip.com Int. (NASDAQ:CTRP).

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CNOOC Ltd. (NYSE:CEO) fell the most among major Chinese ADRs on Thursday after a significant decline a day earlier. NetEase Inc. (NASDAQ:NTES) showed weakness as well falling both market days.

Bubble size on chart represents market capitalization.

 

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