DAILY FIX
Hong Kong Blue Chips: -261, -1.8%, to 17,408, 09-26-11, Hang Seng Index
Chinese Stocks in Hong Kong: -298, -3.3% to 8,735, 09-26-11, HSCE Index
Shanghai Stocks: -1.6%, 2,393, 09-26-11, Shanghai Composite Index.
Chinese Stocks in the U.S.: +9.1 to 358.8, 09-23-2011, Bank of New York Mellon, ADR Index-China
Insight: Hong Kong opened flat but fell sharply in line with a drop in Asian markets. Blue chips sank below 17,000 in mid-afternoon but rebounded late in active trading. A drop in gold and other commodity prices hurt resources plays. Cement producers and construction companies posted big losses: CNBM (OTC CBUMY; 3323 in Hong Kong) -11.1%. KGI Research
Quotable: "For the coming week, the market will eye ... the vote by the German parliament on the European Financial Stability Facility on Sep 29. Weak tone is likely to persist next week, and the HSI may test 17,000 points." BEA Securities. 9-23-2011
Chinese Company to Watch: PCCW (PINK PCCWY, 8 in Hong Kong), Hong Kong telecom operator. "PCCW is currently trading at 11.5x 2011 PER, 5.2% dividend yield and 7.1x EV/EBITDA, which we consider is reasonable in view of its defensive nature amid the current uncertain environment." Guoco Capital. 9-23-2011
Brokerages and analysts cited have disclaimers on their websites emphasizing their statements are for information only. They do not endorse my blog, and I don't endorse them.
For a list of Chinese companies sold in the U.S. and information on each company go to http://www.adrbnymellon.com/dr_country_profile.jsp?country=CN
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