China Stock Watch 11/12/13

Lots of red ink today, as the entire top twenty stocks fell today. Though the overall economy is expected to keep growing by over 7% a year, the recent pollution epidemic led to concerns of lower growth targets. I’m doubtful this will happen – economic growth will actually be environmentally positive in the long run, as services take over from manufacturing – but as I was saying yesterday, the wretched air does show the limits of the attractions of China. One cannot imagine Shanghai becoming the trading centre of the eastern hemisphere, with all the talent that requires, when it cannot guarantee reasonable air quality. Singapore and Hong Kong remain far more attractive cities. (Similarly, China’s recent egregious diplomatic efforts show a disdain for its neighbours that does not augur well. One can hardly complain about being “encircled” if you’d pissed off all the countries around you).

On the day, China Life Insurance (down 3.93%), Ping An Insurance (down 3.36%) and China Mobile (down 3.15%) led the decline. The insurers most likely fell sharply on expectations of greater payouts due to what they call “excess mortality” – i.e. more people dying. Hopefully we won’t get a Global Times op-ed on why this is a good thing.

Name Price Change Mkt cap
52wk high 52wk low EPS P/E
Sinopec 4.74 -0.11 (-2.27%) 552,519.40M 7.03 4.05 CN¥0.62 7.71
PetroChina 8.01 -0.09 (-1.11%) 1.47B 9.5 7.08 CN¥0.68 11.85
ICBC 3.78 -0.02 (-0.53%) 1.33B 4.53 3.4 CN¥0.74 5.14
China Construction Bank 4.38 -0.06 (-1.35%) 1.10B 5.19 3.9 CN¥0.85 5.18
Agricultural Bank 2.56 -0.05 (-1.92%) 831,472.92M 3.28 2.38 CN¥0.50 5.1
Bank of China 2.79 -0.03 (-1.06%) 778,824.25M 3.26 2.48 CN¥0.53 5.25
China Mobile 81.40* -2.65 (-3.15%) 1.64B 91.8 74.9 HK$8.16 9.98
Noble Group 1.03 -0.01 (-0.96%) 6,825.89M 1.27 0.785 SGD0.04 28.84
China State Construction 3.39 -0.07 (-2.02%) 101,700.00M 4.18 2.9 CN¥0.62 5.5
CNOOC 15.40* -0.28 (-1.79%) 687,570.81M 17.38 12.04 HK$1.88 8.17
China Railway Construction 5.16 -0.13 (-2.46%) 63,661.71M 6.49 3.95 CN¥0.84 6.13
China Railway Group 2.88 -0.06 (-2.04%) 61,343.71M 3.41 2.3 CN¥0.44 6.57
SAIC Motor 15.52 -0.41 (-2.57%) 171,116.80M 19 11.83 CN¥2.05 7.57
China Life Insurance 15.66 -0.64 (-3.93%) 442,625.28M 22.7 12.88 CN¥0.97 16.2
Dongfeng Motor 12.82* -0.18 (-1.38%) 110,458.66M 13.26 9.48 HK$1.37 9.36
China Shenhua 16.5 -0.32 (-1.90%) 328,178.74M 25.7 15.51 CN¥2.25 7.33
Ping An Insurance 41.74 -1.45 (-3.36%) 330,419.78M 53.27 31.69 CN¥3.45 12.1
China Telecom 3.95* -0.06 (-1.50%) 319,682.86M 4.46 3.48 HK$0.26 15.36
China Communications Construction 4.3 -0.06 (-1.38%) 69,551.37M 5.79 3.8 CN¥0.81 5.31
Bank of Communications 4.14 -0.06 (-1.43%) 307,447.68M 5.68 3.68 CN¥0.84 4.91
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