PetroChina loses some of its sparkle

 
By Michiyo Nakamoto in Tokyo and Andrew Wood in Hong Kong
Friday, November 09, 2007
 
Bad news from the US spilled over into Asia yesterday, as the falling dollar, subprime jitters and Wall Street losses sent stocks tumbling across the region.

Chinese shares slid almost 5 per cent, disrupting a bull run that has seen the benchmark index rise fivefold since the start of 2006. Japanese shares fell for a fifth consecutive day, with the Hong Kong, Indian and South Korean markets also heading south.

Jonathan Anderson, strategist at UBS in Hong Kong, said Asian markets excluding Japan had begun to look expensive. He pointed out that the region had outperformed global markets more in the past two quarters than it had over the previous seven years.

“Does Asia deserve it?” he asked. “Based on what we've seen in the past weeks, our strategy and asset allocation teams are starting to step back and say ‘no'.”

A drop in crude prices after US inventory data revealed more reserves than expected pulled oil stocks down across the region.

They were a major drag on Hong Kong's benchmark Hang Seng index, which lost 3.2 per cent to 28,760.22 as Sinopec plunged 8.1 per cent to HK$10.42. PetroChina was the most-heavily traded stock, dropping 7.4 per cent to HK$16.

PetroChina suffered on the mainland too, losing 5.6 per cent to Rm38.19, its lowest level since the company's stunning debut on Monday. The Shanghai Composite shed 4.9 per cent to 5,330.02.

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中国股市昨日暴跌近5%

 
英国《金融时报》中本美智代(Michiyo Nakamoto)东京、安德鲁•伍德(Andrew Wood)香港报道
2007年11月9日 星期五
 
美国市场的坏消息昨日蔓延至亚洲，美元走软、市场对次级抵押贷款危机的不安情绪和华尔街金融机构大幅亏损令该地区股市全面大跌。

中国股市下挫近5%，牛市行情暂时中断。自2006年初以来，中国股市已上涨近4倍。日本股市连续第5天下跌，香港、印度和韩国股市也纷纷走低。

瑞银集团(UBS)驻香港策略师乔纳森•安德森(Jonathan Anderson)表示，除日本以外，亚洲股市的估值似乎已经开始偏高。他指出，过去2个季度，该地区股市表现超过全球市场的幅度高于过去7年。

“亚洲市场该有这种表现吗？”他问道。“基于过去数周我们观察到的情况，我们的策略和资产配置团队正开始撤离该地区，并且说‘不'。”

此前，美国石油库存数据显示，石油储备量高于预期，从而引发原油价格下跌。受此消息影响，亚洲地区的石油股全线下挫。

在石油股领跌下，香港基准的恒生指数(Hang Seng index)下跌3.2%，收于28760.22点。中石化(Sinopec)暴跌8.1%，收于10.42港元。中石油(PetroChina)成交量居港股之首，其股价下跌7.4%，收于16港元。

中石油内地股价也告下挫，跌幅达5.6%，收于38.19元人民币，创下该公司本周一上市以来的最低水平。上证综合指数下跌4.9%，至5330.02点。