China Stock Watch 9/1/14

Another particularly poor day for major stocks, with a full sixteen falling on the day, and with SAIC Motor, China Life Insurance and Dongfeng Motor falling by over 2%. (They declined by 2.54%, 2.52% and 2.23% respectively). The two automakers likely fell on news of increased US imports, despite their own impressive sales figures: despite the government’s efforts, and for all the joint ventures and technology transfers, China still has not produced a competitive, aspirational auto manufacturer. (See GE Anderson’s book Designated Drivers for more info).

The only gains were posted by Sinopec (up 0.23% to RMB4.4 a share) and China Railway Construction (up 0.71% to RMB4.24 a share). Both are near their 52-week low (around 10% of it in both cases), so this is hardly break-out-the-champagne news.

The Shanghai Composite Index closed at 2,027.62,  down 16.72 (-0.82%). With SOEs “advised” to take part in stock buy-back operations, I would not bet that it would fall below the 2000 level; and yet, on this form, who could be sure?

Name Price Change Mkt cap 52wk high 52wk low EPS P/E
Sinopec 4.4 +0.01 (0.23%) 512,887.39M 7.03 4.05 CN¥0.62 7.15
PetroChina 7.59 -0.05 (-0.65%) 1.39B 9.5 7.08 CN¥0.68 11.23
ICBC 3.52 -0.05 (-1.40%) 1.24B 4.53 3.4 CN¥0.74 4.79
China Construction Bank 3.96 -0.02 (-0.50%) 990,043.48M 5.19 3.8 CN¥0.85 4.68
Agricultural Bank 2.42 0.00 (0.00%) 786,001.79M 3.28 2.38 CN¥0.50 4.82
Bank of China 2.5 -0.01 (-0.40%) 698,411.38M 3.26 2.48 CN¥0.53 4.71
China Mobile 77.35* -1.10 (-1.40%) 1.55B 91.1 74.9 HK$8.20 9.43
Noble Group 1.03 0.00 (-0.48%) 6,859.03M 1.27 0.785 SGD0.04 28.54
China State Construction 3.01 0.00 (0.00%) 90,300.00M 4.18 2.9 CN¥0.62 4.89
CNOOC 13.88* -0.10 (-0.72%) 619,706.69M 17 12.04 HK$1.89 7.33
China Railway Construction 4.24 +0.03 (0.71%) 52,311.17M 6.46 3.95 CN¥0.84 5.04
China Railway Group 2.43 -0.01 (-0.41%) 51,758.76M 3.41 2.3 CN¥0.44 5.54
SAIC Motor 13.06 -0.34 (-2.54%) 143,993.90M 19 11.83 CN¥2.05 6.37
China Life Insurance 14.32 -0.37 (-2.52%) 404,750.57M 22 12.88 CN¥0.97 14.81
Dongfeng Motor 11.42* -0.26 (-2.23%) 98,396.09M 13.28 9.48 HK$1.38 8.29
China Shenhua 14.45 -0.11 (-0.76%) 287,405.01M 25.39 14.4 CN¥2.25 6.42
Ping An Insurance 39.94 -0.69 (-1.70%) 316,170.70M 53.27 31.69 CN¥3.45 11.58
China Telecom 3.65* -0.07 (-1.88%) 295,403.15M 4.42 3.48 HK$0.26 14.12
China Communications Construction 3.84 -0.03 (-0.78%) 62,110.98M 5.79 3.8 CN¥0.81 4.74
Bank of Communications 3.78 -0.02 (-0.53%) 280,713.10M 5.68 3.65 CN¥0.84 4.49
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