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 U.S.-Listed Chinese Stocks Down |
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Who
头衔: 海归准将
加入时间: 2005/05/18
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作者：Who 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
By Barbara Ortutay, AP Business Writer
Chinese Companies See Their Shares Trade Lower After Central Bank's Interest Rate Hike
American depositary shares of Chinese companies -- many among them in the mining and energy industries -- traded lower Thursday in the wake of news that the country's central bank raised interest rates for the first time since 2004, in an attempt to moderate its soaring economy.
The markets had a similar reaction the last time China raised its interest rates, with raw materials and mining companies hit the hardest, said Hayes Miller, senior vice president at Baring Asset Management, a global investment management firm.
Effective Friday, the People's Bank of China raised the minimum rate on one-year loans by 27 basis points, to 5.85 percent.
This time around, energy stocks also inched down, with shares of PetroChina Co. Ltd., which produces the bulk of China's oil and gas and is a unit of state-owned China National Petroleum Corp., falling $2.71, or 2.4 percent, to $109.79 on the New York Stock Exchange. The stock hit a 52-week high of $120 a week ago, boosted by soaring oil prices and strong demand.
China and India are leading the demand for raw materials and -- aside from the U.S. -- energy, as they build up their infrastructure. Any time the Chinese government enacts a policy to cool its economy, Miller said, "you lose a little bit of visibility."
The Amex China Index of 15 U.S.-traded companies slipped $2.05, or about 1.68.05, or 1.8 percent.
Shares of the country's biggest refiner and petrochemical producer, China Petroleum & Chemical Corp. fell $1.99, or nearly 3 percent, to $63.42 on the NYSE. The stock changed hands between $35.25 and $71.96 in the past 12 months.
Aluminum Corp. of China Ltd., the country's only producer of alumina -- the raw material that makes aluminum -- saw its U.S.-listed shares fall $5.55, or nearly 6 percent, to $90.70 on the Big Board. In the past 52 weeks, the stock has traded between $49.65 and $111.60.
Citing an Asia economist at the firm, UBS analyst David A. Bleustein said the rate hike's impact on the Chinese economy is likely to be muted, but it signals the government's intention to slow credit growth and could be followed by stronger tightening measures, such as reserve requirements.
China's "prior tightening policies to reign in credit growth and investments in targeted sectors stalled demand and activity in the mining, construction and basic materials (including steel and aluminum) sectors," the analyst wrote in a note to clients.
American depositary shares Yanzhou Coal Mining Co. Ltd., a large coal producer in Eastern China, fell $2.06, or 4.8 percent, to $41.33 on the NYSE.
Also hit Thursday were U.S.-traded shares of Suntech Power Holdings Co. Ltd., the biggest solar cell maker in China, which fell $2.03, or 5.6 percent, to $34.08 on the NYSE. The stock has trade in the range of $19 and $45.95 in the past 52 weeks.
American depositary shares of China Southern Airlines Co. Ltd., meanwhile, edged down 21 cents to $13.21 on the NYSE, those of China Medical Technologies Inc. slipped 50 cents, or 2 percent, to $26.07 on the Nasdaq.
作者：Who 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 U.S.-Listed Chinese Stocks Down -- Who - (3233 Byte) 2006-4-29 周六, 04:22 (1226 reads)
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