DAILY FIX
Hong Kong Blue Chips: -572, -3.4%, to 16,250, 10-04-11, Hang Seng Index
Chinese Stocks in Hong Kong: -306, -3.6% to 8,102, 10-04-11, HSCE Index
Shanghai Stocks: Closed for holiday 2,359, 10-04-11, Shanghai Composite Index.
Chinese Stocks in the U.S.: -11.1 to 338.8, 10-03-11, Bank of New York Mellon, ADR Index-China
Insight: The prospect of a default by Greece and of slower Chinese economic growth again forced prices down sharply in Hong Kong. Mainland banks continued to slide: CCB (CICHY OTC; 0939 in Hong Kong) fell more than 3%. One gainer was Smartone (PINK STTFY; 0315) which rose 5.3% on talk Apple would soon launch iPhone5. KGI Research
Quotable: "Hong Kong market will continue to fall in Q4, thus investors should stay cautious and avoid heavy operation." CFSG. 9-30-2011
Chinese Company to Watch: Sinopec. "According to our earnings estimate, the counter is presently trading at undemanding 2011 PER of 7.1x representing a deep discount to the sector average of 9x. We see limited downside risk on share price." Guoco Capital. 10-3-2011
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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