Bloodbath. Every single major Chinese stock fell today. The range of movement varied between a gentle fall of 0.17% (Dongfeng Motor) to precipitous declines of 4.03% (CNOOC) and 4.81% (SAIC Motor). News of local government debt rollovers affects every sector of the Chinese economy, from high finance to nuts n’ bolts infrastructure. With fixed asset investment considerable proportions of Chinese economic activity and the failure of investments to return anticipated (or claimed) revenues, income streams of local governments will be lower, while debt management will claim greater shares – unless favourable terms are granted, but then this affects the banks, and their non-performing loan ratios. So it’s all something of a dilemma, to say the least.
The Shanghai Composite Index closed down 32.84 points (-1.55%), at 2,083.14. My bet, as I’ve said, is that strenuous efforts will be made to avoid breaking the 2000 barrier.
|Name||Price||Change||Mkt cap||52wk high||52wk low||EPS||P/E|
|China Construction Bank||4.07||-0.07 (-1.69%)||1.02B||5.19||3.8||CN¥0.85||4.81|
|Agricultural Bank||2.45||-0.03 (-1.21%)||795,745.60M||3.28||2.38||CN¥0.50||4.88|
|Bank of China||2.57||-0.05 (-1.91%)||717,411.58M||3.26||2.48||CN¥0.53||4.84|
|China Mobile||78.60*||-1.60 (-2.00%)||1.58B||91.8||74.9||HK$8.20||9.59|
|Noble Group||1.04||-0.03 (-2.35%)||6,892.16M||1.27||0.785||SGD0.04||28.79|
|China State Construction||3.09||-0.05 (-1.59%)||92,700.00M||4.18||2.9||CN¥0.62||5.02|
|China Railway Construction||4.52||-0.17 (-3.62%)||55,765.69M||6.49||3.95||CN¥0.84||5.37|
|China Railway Group||2.63||-0.05 (-1.87%)||56,018.74M||3.41||2.3||CN¥0.44||6|
|SAIC Motor||13.46||-0.68 (-4.81%)||148,404.13M||19||11.83||CN¥2.05||6.56|
|China Life Insurance||14.57||-0.56 (-3.70%)||411,816.74M||22.7||12.88||CN¥0.97||15.07|
|Dongfeng Motor||11.98*||-0.02 (-0.17%)||103,221.11M||13.28||9.48||HK$1.38||8.7|
|China Shenhua||15.37||-0.45 (-2.84%)||305,703.46M||25.7||15.36||CN¥2.25||6.83|
|Ping An Insurance||40.28||-1.45 (-3.47%)||318,862.19M||53.27||31.69||CN¥3.45||11.68|
|China Telecom||3.76*||-0.10 (-2.59%)||304,305.70M||4.46||3.48||HK$0.26||14.55|
|China Communications Construction||3.97||-0.07 (-1.73%)||64,213.70M||5.79||3.8||CN¥0.81||4.91|
|Bank of Communications||3.8||-0.04 (-1.04%)||282,198.36M||5.68||3.65||CN¥0.84||4.51|
Two stocks showed no movement on the week – ICBC and Bank of Communications. The rest showed a decline over the week, with the largest seen by China Telecom (-3.84%) and SAIC Motor (-3.72%).