China Stock Watch 19/12/13

Another sea of red ink. Only PetroChina finished up on the day (up 0.26%), while a full eighteen of the twenty major stocks closing down. The biggest faller was, oddly enough, Dongfeng Motor, tumbling 2.94% despite recent tie-ups with Renault and Peugeot. Close behind was Ping An Insurance, declining 2.15%.

In yet another poor day for the Shanghai Composite Index, it finished down 20.49 points (-0.95%) to close at 2,127.79. The index is trading at levels seen in December 2006 (and December 2011). Though most people still take the view that it’s wise to bet long on China’s reform and development, the shadow hand of the state/party make Chinese stocks a rather tickly investment. You simply do not know what’s going on behind their inscrutable corporate façades. Even if the big SEOs were to be split up and privatised, the party hardwiring would leave these ostensibly private new companies influenced by party officials. See Richard McGregor’s excellent book, The Party: The Secret World of China’s Communist Rulers. Also, as Silicon Hutong points out, the dichotomy between state-owned and private enterprises in China is rather blurred. No doubt deliberately.

Name Price Change Mkt cap 52wk high 52wk low EPS P/E
Sinopec 4.62 -0.05 (-1.07%) 538,532M 7.03 4.05 CN¥0.62 7.51
PetroChina 7.78 +0.02 (0.26%) 1.42B 9.5 7.08 CN¥0.68 11.51
ICBC 3.64 -0.03 (-0.82%) 1.28B 4.53 3.4 CN¥0.74 4.95
China Construction Bank 4.23 0.00 (0.00%) 1.06B 5.19 3.9 CN¥0.85 5
Agricultural Bank 2.52 -0.01 (-0.40%) 818,481M 3.28 2.38 CN¥0.50 5.02
Bank of China 2.68 -0.02 (-0.74%) 748,118M 3.26 2.48 CN¥0.53 5.05
China Mobile 79.55* -0.65 (-0.81%) 1.60B 91.8 74.9 HK$8.17 9.77
Noble Group 1.02 -0.00 (-0.48%) 6,826M 1.27 0.785 SGD0.04 28.71
China State Construction 3.27 -0.02 (-0.61%) 98,100M 4.18 2.9 CN¥0.62 5.31
CNOOC 14.14* -0.10 (-0.70%) 632,208M 17.38 12.04 HK$1.89 7.5
China Railway Construction 4.92 -0.05 (-1.01%) 60,701M 6.49 3.95 CN¥0.84 5.84
China Railway Group 2.77 -0.02 (-0.72%) 59,001M 3.41 2.3 CN¥0.44 6.32
SAIC Motor 14.33 -0.03 (-0.21%) 157,996M 19 11.83 CN¥2.05 6.99
China Life Insurance 14.95 -0.18 (-1.19%) 422,557M 22.7 12.88 CN¥0.97 15.47
Dongfeng Motor 12.60* -0.38 (-2.94%) 108,563M 13.28 9.48 HK$1.37 9.18
China Shenhua 16.11 -0.02 (-0.12%) 320,422M 25.7 15.51 CN¥2.25 7.16
Ping An Insurance 40.91 -0.90 (-2.15%) 323,849M 53.27 31.69 CN¥3.45 11.86
China Telecom 3.85* -0.01 (-0.26%) 313,208M 4.46 3.48 HK$0.26 15.03
China Communications Construction 4.13 -0.07 (-1.67%) 66,802M 5.79 3.8 CN¥0.81 5.1
Bank of Communications 4.05 -0.03 (-0.74%) 300,764M 5.68 3.68 CN¥0.84 4.81
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