China Stock Watch 19/11/13

After the last few day’s euphoria has come a recognition that the reforms of the Third  Plenum will take time to be worked out and implemented. Even if they are successful, many are likely to cause short-term pain, which is why they were delayed for so long. (One also had the impression of President Hu desperately wanting to keep things as they were before passing the buck onto Xi Jinping). Hukou reform, for example, is often unpopular with existing urban residents, who foresee and do not want further pressures on access to schools and healthcare from migrants. Banking reform will see less access to cheap credit for provincial leaders and their favoured companies. Nonetheless, the direction is the right one, and the reforms will benefit the economy.

The market took profits from the gains of the previous days, with eleven stocks falling, and none of them by over 1%. The banking sector was hardest hit, with ICBC, China Construction Bank, Agricultural Bank, Bank of China, and Bank of Communications all falling. China Life Insurance was the leader of the seven rising stocks, up 1.42%.

The Shanghai Composite Index finished down 4.09 points, or 0.19%.

Note – I have altered the list of the top twenty stocks. See the note at the end here for more details.

Name Price Change Mkt cap
52wk high 52wk low EPS P/E
Sinopec 4.95 +0.01 (0.20%) 576,998.12M 6.39 4.05 CN¥0.62 8.05
PetroChina 7.87 +0.03 (0.38%) 1.44B 9.50 7.08 CN¥0.68 11.65
ICBC 3.82 -0.01 (-0.26%) 1.34B 4.53 3.4 CN¥0.74 5.19
China Construction Bank 4.34 -0.04 (-0.91%) 1.09B 5.19 3.9 CN¥0.85 5.13
Agricultural Bank 2.57 -0.02 (-0.77%) 834,720.86M 3.28 2.38 CN¥0.50 5.12
Bank of China 2.82 -0.01 (-0.35%) 787,198.70M 3.26 2.48 CN¥0.53 5.31
China Mobile 82.50* -0.50 (-0.60%) 1.66B 91.80 74.9 HK$8.14 10.13
Noble Group 1.07 -0.01 (-0.93%) 7,057.84M 1.27 0.785 SGD0.04 29.86
China State Construction 3.31 -0.02 (-0.60%) 99,300.00M 4.18 2.9 CN¥0.62 5.37
CNOOC 15.88* +0.06 (0.38%) 709,001.61M 17.38 12.04 HK$1.88 8.44
China Railway Construction 5.17 +0.01 (0.19%) 63,785.09M 6.49 3.95 CN¥0.84 6.14
China Railway Group 2.91 0.00 (0.00%) 61,982.71M 3.38 2.3 CN¥0.44 6.64
SAIC Motor 15.37 +0.04 (0.26%) 169,462.96M 19.00 11.83 CN¥2.05 7.49
China Life Insurance 15.68 +0.22 (1.42%) 443,190.58M 22.70 12.88 CN¥0.97 16.22
Dongfeng Motor 12.40* -0.10 (-0.80%) 106,839.88M 13.26 9.48 HK$1.37 9.07
China Shenhua 16.54 -0.04 (-0.24%) 328,974.34M 25.70 15.51 CN¥2.25 7.35
Ping An Insurance 40.76 -0.38 (-0.92%) 322,661.94M 53.27 31.69 CN¥3.45 11.82
China Telecom 4.13* +0.01 (0.24%) 334,250.69M 4.46 3.48 HK$0.26 16.09
China Communications Construction 4.23 0.00 (0.00%) 68,419.13M 5.79 3.8 CN¥0.81 5.23
Bank of Communications 4.14 -0.02 (-0.48%) 307,447.68M 5.68 3.68 CN¥0.84 4.91
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