Showing posts with label PetroChina. Show all posts
Showing posts with label PetroChina. Show all posts
Friday, September 17, 2010
Tuesday, September 7, 2010
Monday, August 30, 2010
Asian Markets Review – August 30th 2010
Nikkei Pared Gains As BOJ Move Lacked Surprises
Japanese shares climbed to 9,149.26 by the end of the trading day Monday as market was initially jumped by 3.2%, boosted by the hope that the Bank of Japan meeting would e
nd with a surprise or at least decisive move to stem the yen’s recent rise. Likewise, USDJPY which hovered at 85.88 yen earlier gave up its gains and fell to 84.96 yen. Ben Bernanke’s Friday’s speech was also a factor contributing to support the Asian stock markets.
The BOJ meeting ended with the bank to expand its 20 trillion yen quantitative-easing program from 3-months time frame to 6-months time frame. Available funds were also increased by 10 trillion yen. The results fell short of the market’s expectations of a stronger measure to stem the yen’s rise. Currency intervention however, was most recently conducted in 2004 at the time the USDJPY was at 109.
There were only a few corporate news from Japan, being one came from Toyota who said that the company would start a trial production of its Etios in September for the Indian market three months earlier than initially planned. There will be a second round which is to start in October. Toyota however, ended at 2,930 yen or down 0.37% by the end of the day.
Other news came from Nissan, with its Senior VP said that global auto sales are to reach 70 million units this year, and with China continues to be the key market for autos. Nissan’s Infiniti sales in China reached 5,113 units in the 1H 2010, over twice of last year’s sales level. The model is seen to hit sales of 10,000 units by the end of this year. Nissan ended at 0.46% higher by the end of Monday.
Among top gainers in Japan were TDK Corp with 3.74% jump, Kyocera with 190 yen gains to 7,440 yen, and Canon at 3,585, 2.43% higher than Friday’s close.
Hong Kong Jumped, But Sentiment Cautious
Sharing the same fate with Nikkei, Hang Seng index rose 139.87 points to end at 20,737.22 or up 0.68%. Meanwhile in Shanghai, the Shanghai Composite also jumped, ending the day at 2,652.66 or up 1.61%. The good start for this week was triggered by Bernanke’s pledge that the Federal Reserve would safeguard the prospect of economic recovery, lifting some worries that have lingered around the markets for some time due to the worsening economic data. The positive sentiment will be facing numerous challenges this week as data will be pouring in with the most significant one coming in Friday.
PetroChina hinted that the company would seek to develop overseas business to boost long-term growth. This would be achieved by forging cooperation with British Petroleum (BP) while also working together with ConocoPhillips on shale gas related project, particularly in Sichuan Province.
ICBC reported that loans to small businesses were up 25% throughout the first half as the figure hits 390.9 billion yuan. Non-performing loans ratio of loans to small enterprises fell 0.33 to 1.09 from the start of this year. Balance of loans to small and medium-sized enterprises was at 2.2 trillion yuan by the end of June, at 50% of the total ICBC’s corporate loans. ICBC went up 1.77% to close at HK$5.75.
China Mobile
became one of the worst performers on Monday after Vodafone was reportedly planning to sell its 3.2% stakes worth around HK$52.39 billion. Recent moves from Vodafone suggests that the divestment could be one of its moves in Asia to consolidate its business, in line with recent news of planned sales of assets in Poland, China, and France. China Mobile’s shares ended down 1.1% to HK$80.70.
Other losing shares were Foxconn with 1.42% losses and Hutchison Whampoa who shed 0.93% to end at HK$58.30. At the top, China Resources advanced 2.61% to HK$31.50, while China Shenhua and ICBC gained 1.77% each, to end at HK$28.70 and HK$5.75, respectively.
Japanese shares climbed to 9,149.26 by the end of the trading day Monday as market was initially jumped by 3.2%, boosted by the hope that the Bank of Japan meeting would e
nd with a surprise or at least decisive move to stem the yen’s recent rise. Likewise, USDJPY which hovered at 85.88 yen earlier gave up its gains and fell to 84.96 yen. Ben Bernanke’s Friday’s speech was also a factor contributing to support the Asian stock markets.The BOJ meeting ended with the bank to expand its 20 trillion yen quantitative-easing program from 3-months time frame to 6-months time frame. Available funds were also increased by 10 trillion yen. The results fell short of the market’s expectations of a stronger measure to stem the yen’s rise. Currency intervention however, was most recently conducted in 2004 at the time the USDJPY was at 109.
There were only a few corporate news from Japan, being one came from Toyota who said that the company would start a trial production of its Etios in September for the Indian market three months earlier than initially planned. There will be a second round which is to start in October. Toyota however, ended at 2,930 yen or down 0.37% by the end of the day.
Other news came from Nissan, with its Senior VP said that global auto sales are to reach 70 million units this year, and with China continues to be the key market for autos. Nissan’s Infiniti sales in China reached 5,113 units in the 1H 2010, over twice of last year’s sales level. The model is seen to hit sales of 10,000 units by the end of this year. Nissan ended at 0.46% higher by the end of Monday.
Among top gainers in Japan were TDK Corp with 3.74% jump, Kyocera with 190 yen gains to 7,440 yen, and Canon at 3,585, 2.43% higher than Friday’s close.
Hong Kong Jumped, But Sentiment Cautious
Sharing the same fate with Nikkei, Hang Seng index rose 139.87 points to end at 20,737.22 or up 0.68%. Meanwhile in Shanghai, the Shanghai Composite also jumped, ending the day at 2,652.66 or up 1.61%. The good start for this week was triggered by Bernanke’s pledge that the Federal Reserve would safeguard the prospect of economic recovery, lifting some worries that have lingered around the markets for some time due to the worsening economic data. The positive sentiment will be facing numerous challenges this week as data will be pouring in with the most significant one coming in Friday.
PetroChina hinted that the company would seek to develop overseas business to boost long-term growth. This would be achieved by forging cooperation with British Petroleum (BP) while also working together with ConocoPhillips on shale gas related project, particularly in Sichuan Province.
ICBC reported that loans to small businesses were up 25% throughout the first half as the figure hits 390.9 billion yuan. Non-performing loans ratio of loans to small enterprises fell 0.33 to 1.09 from the start of this year. Balance of loans to small and medium-sized enterprises was at 2.2 trillion yuan by the end of June, at 50% of the total ICBC’s corporate loans. ICBC went up 1.77% to close at HK$5.75.
China Mobile
became one of the worst performers on Monday after Vodafone was reportedly planning to sell its 3.2% stakes worth around HK$52.39 billion. Recent moves from Vodafone suggests that the divestment could be one of its moves in Asia to consolidate its business, in line with recent news of planned sales of assets in Poland, China, and France. China Mobile’s shares ended down 1.1% to HK$80.70.Other losing shares were Foxconn with 1.42% losses and Hutchison Whampoa who shed 0.93% to end at HK$58.30. At the top, China Resources advanced 2.61% to HK$31.50, while China Shenhua and ICBC gained 1.77% each, to end at HK$28.70 and HK$5.75, respectively.
Thursday, August 26, 2010
Asian Markets Review – August 26th 2010
Nikkei Bounced on Yen's Retreat, China Life Weighed on Hang Seng
Nikkei 225 average recovered from lows on Thursday, ending the day at 8,906.48 or up 0.69% as yen weakened against the US dollar and also from the late rally on Wall Street which brought the US equity indexes back from underwater. In Shanghai, the Shanghai Stock Exchange also gained 6.90 points or 0.27% to end at 2,603.48. Hong Kong’s Hang Seng index however, fell 22.92 points to 20,612.06 or 0.11% below Wednesday’s close.
Among gainers in Japan, Kyocera advanced 1.97% to 7,240 yen, Nikon to end at 1,398 yen or up 1.90%, while Honda Motor gained 1.77% to 2,766 yen. Sony and Tokyo Electron were in the red as they ended 0.42% and 0.25% lower, respectively.
Corporate news came from Canon who indicated that it might have to raise output overseas and review product prices should the yen strength continues. Yen’s recent strength has worried Japanese exporters as strong yen is seen to erode export sales. Another came from Toyota who planned to release its Etios hatchback in India starting from early 2011. First year sales of Etios are aiming for 70,000 units. Lexus is also another brand considered to be released in India.
Dollar went up against yen as jitters reigned over the markets on the potential action from the government regarding yen’s strength. The greenback gained against yen to 84.68 while the euro also rose against yen to 107.79.
In Hong Kon
g, China Life reported first-half results which showed increase of net profits by 7.4% from last year. Meanwhile, Ping An Insurance delivered a 28.5% jump in net profit during the first-half 2010, leading to an increase of its price target to HK$88 from HK$80 by Credit Suisse. China Life fell 6.3% upon the report and ended at HK$30.65, a major drag to Hang Seng index. Poor results from China Life sent its target cut to HK$39 from HK$45 by Morgan Stanley, while Credit Suisse downgraded its rating to NEUTRAL from OUTPERFORM with target set at HK$37 from HK$42. Regarding AIA’s IPO, China Life Chairman said that the company was still undecided on whether to invest or not in the IPO, but plans to focus on bonds for investments as well as deposits in 2H. The chairman also added that China Life has no near-term financing needs.
PetroChina announced a 29% increase in net profit during 1H to 65.3 billion yuan, lower than the consensus of 68.7 billion yuan. Lower results were due to the government’s controls on tariffs of gasoline and diesel even as the crude oil prices were higher. PetroChina was up 0.36% at HK$8.48.
China Resources also delivered its first-half report which showed its net profit more than tripled from a year earlier. A major factor behind the rise was a gain from the sale of its brand-fashion distribution unit. Net profit amounted to HK$4.24 billion, up from HK$1.16 billion, while revenue was up 19.8% to HK$41.98 billion from HK$35.05 billion. First-half dividend stayed unchanged at HK$0.14. The shares were unchanged by the end of the day at HK$31.55.
The third biggest lender in China, Bank of China said that its first-half net profit was up 27% as demand for loans and asset quality improved. The H-shares were settled at HK$3.96, unchanged from the previous day. Elsewhere, the BOC-Hong
Kong also reported its results for the same period. Earnings per share were at HK$0.68 per share, 7.5% higher than HK$0.6329 per share a year ago. Net profit was up 7.5% to HK$7,190 million. Interim dividend was up 40.4% to HK$0.40 per share. At the closing time, BOC-HK was at HK$20.05 or down 1.23%.
In the telecommunication sector, China Telecom was upgraded to OVERWEIGHT from NEUTRAL by HSBC while its target was raised to HK$4.40 from HK$3.60. Another change in upgrades and downgrades was from Cosco Pacific which had its target raised to HK$13.80 from HK$12.50 by Credit Suisse.
Next Tuesday, ICBC plans to sell convertible bonds worth 25 billion yuan which are to be converted to its Shanghai-listed shares. In addition, 45 billion yuan is also to be raised through a rights offer in Shanghai and Hong Kong. Earlier, ICBC said that 2Q net profit was up 38% as margins widened and demand for loans and fee-based services were up. ICBC stayed unchanged compared to prior day at HK$5.59.
Nikkei 225 average recovered from lows on Thursday, ending the day at 8,906.48 or up 0.69% as yen weakened against the US dollar and also from the late rally on Wall Street which brought the US equity indexes back from underwater. In Shanghai, the Shanghai Stock Exchange also gained 6.90 points or 0.27% to end at 2,603.48. Hong Kong’s Hang Seng index however, fell 22.92 points to 20,612.06 or 0.11% below Wednesday’s close.
Among gainers in Japan, Kyocera advanced 1.97% to 7,240 yen, Nikon to end at 1,398 yen or up 1.90%, while Honda Motor gained 1.77% to 2,766 yen. Sony and Tokyo Electron were in the red as they ended 0.42% and 0.25% lower, respectively.
Corporate news came from Canon who indicated that it might have to raise output overseas and review product prices should the yen strength continues. Yen’s recent strength has worried Japanese exporters as strong yen is seen to erode export sales. Another came from Toyota who planned to release its Etios hatchback in India starting from early 2011. First year sales of Etios are aiming for 70,000 units. Lexus is also another brand considered to be released in India.
Dollar went up against yen as jitters reigned over the markets on the potential action from the government regarding yen’s strength. The greenback gained against yen to 84.68 while the euro also rose against yen to 107.79.
In Hong Kon
g, China Life reported first-half results which showed increase of net profits by 7.4% from last year. Meanwhile, Ping An Insurance delivered a 28.5% jump in net profit during the first-half 2010, leading to an increase of its price target to HK$88 from HK$80 by Credit Suisse. China Life fell 6.3% upon the report and ended at HK$30.65, a major drag to Hang Seng index. Poor results from China Life sent its target cut to HK$39 from HK$45 by Morgan Stanley, while Credit Suisse downgraded its rating to NEUTRAL from OUTPERFORM with target set at HK$37 from HK$42. Regarding AIA’s IPO, China Life Chairman said that the company was still undecided on whether to invest or not in the IPO, but plans to focus on bonds for investments as well as deposits in 2H. The chairman also added that China Life has no near-term financing needs.PetroChina announced a 29% increase in net profit during 1H to 65.3 billion yuan, lower than the consensus of 68.7 billion yuan. Lower results were due to the government’s controls on tariffs of gasoline and diesel even as the crude oil prices were higher. PetroChina was up 0.36% at HK$8.48.
China Resources also delivered its first-half report which showed its net profit more than tripled from a year earlier. A major factor behind the rise was a gain from the sale of its brand-fashion distribution unit. Net profit amounted to HK$4.24 billion, up from HK$1.16 billion, while revenue was up 19.8% to HK$41.98 billion from HK$35.05 billion. First-half dividend stayed unchanged at HK$0.14. The shares were unchanged by the end of the day at HK$31.55.
The third biggest lender in China, Bank of China said that its first-half net profit was up 27% as demand for loans and asset quality improved. The H-shares were settled at HK$3.96, unchanged from the previous day. Elsewhere, the BOC-Hong
Kong also reported its results for the same period. Earnings per share were at HK$0.68 per share, 7.5% higher than HK$0.6329 per share a year ago. Net profit was up 7.5% to HK$7,190 million. Interim dividend was up 40.4% to HK$0.40 per share. At the closing time, BOC-HK was at HK$20.05 or down 1.23%.In the telecommunication sector, China Telecom was upgraded to OVERWEIGHT from NEUTRAL by HSBC while its target was raised to HK$4.40 from HK$3.60. Another change in upgrades and downgrades was from Cosco Pacific which had its target raised to HK$13.80 from HK$12.50 by Credit Suisse.
Next Tuesday, ICBC plans to sell convertible bonds worth 25 billion yuan which are to be converted to its Shanghai-listed shares. In addition, 45 billion yuan is also to be raised through a rights offer in Shanghai and Hong Kong. Earlier, ICBC said that 2Q net profit was up 38% as margins widened and demand for loans and fee-based services were up. ICBC stayed unchanged compared to prior day at HK$5.59.
Friday, August 20, 2010
Asian Market Review – Friday, August 20th 2010
Gloomy US Data Hit Japanese & HK Shares
Hong Kong’s Hang Seng Index fell 0.43% to end at 20,981.82 while Shanghai Composite Index ended 1.7% lower at 2,642.31 on Friday. Wall Street’s losses and worries over China’s plan to keep the red-hot property market in check were the catalysts of the fall. HSBC’s fall of 1.6% also weighed on the index as it contributed 52.37 points to the overall index decline. Another heavyweight constituent, China Mobile, rose to end at HK$82.80 or 1.3% as bargain-hunters bought shares following its 3% decline recently.
As mentioned previously on another post, US economic outlook grew dimmer as Thursday’s jobless claims data hit 500k. Moreover, the Philly Fed Index which measures manufacturing activity had fallen to negative territory. Although it has not indicated a recession, leading economic indicator released on Thursday also suggests that the economy has slowed.
Local factor came from the mainland as China’s Ministry of Land and Resources vowed to step up its efforts to cool down the red-hot local property market. The news sent property shares to the red zone.
PetroChina was reportedly announcing its cancellation of the purchase of an exploration and production firm from China National Petroleum Corp. (CNPC). PetroChina closed at HK$8.68 or down 0.57%.
HSBC Holdings Plc got its outlook raised by S&P Ratings Services on Friday to STABLE from NEGATIVE with AA-/A-1+ ratings. S&P saw HSBC’s credit losses to have likely peaked last year while internal capital generation will likely to continue in the future. The group’s business and geo diversity should contribute to strong earnings and to keep growth conservative.
From the banking sector, Bank of China Ltd. has been approved to add 60 billion yuan in a share placement at the extraordinary shareholder meeting. About 19.6 billion renminbi-denominated A shares for 42 billion yuan and a maximum of 8.4 billion HK$-denominated H shares for 18 billion yuan. The bank is now to seek approval from China Banking Regulatory Commission (CBRC) and the China Securities Regulatory Commission (CSRC) to complete the placement by the end of this year. The bank’s capital base will be boosted by the proceeds from this placement. Bank of China ended 0.25% lower at $4.03 on Friday.
Airliner Cathay Pacific is to resume collecting passenger fuel surcharges for September but at 5% less as international fuel prices fall. Short-haul surcharges will be at HK$97 per journey while the long-haul will be HK$481.
China Resources, China Mobile and Cathay Pacific were the top gainers as each gained 1.28%, 1.16%, and 1.14%, respectively. Slumping at the bottom were New World Development, HSBC Holdings, and China Merchants Holdings with losses of 1.93%, 1.65%, and 1.3%, respectively.
Week Ahead
A flood of earnings reports will feature next week’s local events. Hong Kong and China Gas Co. Ltd. will release its interim results on Tuesday (24/8) along with COSCO Pacific and Ping An Insurance. On Wednesday, PetroChina, China Telecom and China Life’s results will due. Henderson Land, China Resources, ICBC, BOC Ltd. and BOC HK will deliver their results the next day. China Shenhua will close the reports-packed week.
International events will be the housing data from the US and the release of the GDP estimate for 2Q, which has been anticipated to be revised lower after the widening of US trade deficits recently.
Hong Kong’s Hang Seng Index fell 0.43% to end at 20,981.82 while Shanghai Composite Index ended 1.7% lower at 2,642.31 on Friday. Wall Street’s losses and worries over China’s plan to keep the red-hot property market in check were the catalysts of the fall. HSBC’s fall of 1.6% also weighed on the index as it contributed 52.37 points to the overall index decline. Another heavyweight constituent, China Mobile, rose to end at HK$82.80 or 1.3% as bargain-hunters bought shares following its 3% decline recently.
In Japan, Nikkei 225 Average ended at 9,179.38 or slipping 183.30 points by the end of Friday’s session. Wall Street factor was a factor behind the fall, with an addition of stubbornly strong yen fueling the decline. Government’s inaction regarding yen’s strength has disappointed exporters like Sony (-2.46%), Nikon (-2.48%), and auto stocks like Nissan (-2.37%), Toyota (-1.78%) and Honda (-1.57%). Only Tokyo Electron stayed unchanged at 4,370 yen. Bottom three were Advantest (-3.2%), Kyocera (-3.08%), and Mitsubishi Estate (-2.57%).
As mentioned previously on another post, US economic outlook grew dimmer as Thursday’s jobless claims data hit 500k. Moreover, the Philly Fed Index which measures manufacturing activity had fallen to negative territory. Although it has not indicated a recession, leading economic indicator released on Thursday also suggests that the economy has slowed.
Local factor came from the mainland as China’s Ministry of Land and Resources vowed to step up its efforts to cool down the red-hot local property market. The news sent property shares to the red zone.
PetroChina was reportedly announcing its cancellation of the purchase of an exploration and production firm from China National Petroleum Corp. (CNPC). PetroChina closed at HK$8.68 or down 0.57%.
HSBC Holdings Plc got its outlook raised by S&P Ratings Services on Friday to STABLE from NEGATIVE with AA-/A-1+ ratings. S&P saw HSBC’s credit losses to have likely peaked last year while internal capital generation will likely to continue in the future. The group’s business and geo diversity should contribute to strong earnings and to keep growth conservative.
From the banking sector, Bank of China Ltd. has been approved to add 60 billion yuan in a share placement at the extraordinary shareholder meeting. About 19.6 billion renminbi-denominated A shares for 42 billion yuan and a maximum of 8.4 billion HK$-denominated H shares for 18 billion yuan. The bank is now to seek approval from China Banking Regulatory Commission (CBRC) and the China Securities Regulatory Commission (CSRC) to complete the placement by the end of this year. The bank’s capital base will be boosted by the proceeds from this placement. Bank of China ended 0.25% lower at $4.03 on Friday.
Airliner Cathay Pacific is to resume collecting passenger fuel surcharges for September but at 5% less as international fuel prices fall. Short-haul surcharges will be at HK$97 per journey while the long-haul will be HK$481.
China Resources, China Mobile and Cathay Pacific were the top gainers as each gained 1.28%, 1.16%, and 1.14%, respectively. Slumping at the bottom were New World Development, HSBC Holdings, and China Merchants Holdings with losses of 1.93%, 1.65%, and 1.3%, respectively.
Week Ahead
A flood of earnings reports will feature next week’s local events. Hong Kong and China Gas Co. Ltd. will release its interim results on Tuesday (24/8) along with COSCO Pacific and Ping An Insurance. On Wednesday, PetroChina, China Telecom and China Life’s results will due. Henderson Land, China Resources, ICBC, BOC Ltd. and BOC HK will deliver their results the next day. China Shenhua will close the reports-packed week.
International events will be the housing data from the US and the release of the GDP estimate for 2Q, which has been anticipated to be revised lower after the widening of US trade deficits recently.
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