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TMCNet: China A-shares end morning off lows on bargain-hunting; airlines soar - UPDATE

[December 23, 2008]

China A-shares end morning off lows on bargain-hunting; airlines soar - UPDATE

BEIJING, Dec 24, 2008 (XFN-ASIA via COMTEX) --
China A-shares finished the morning session off their lows
as investors sought bargains after yesterday's 4.55 pct slump, dealers said.
Telecom and non-ferrous metals stocks led the declines but airlines rose
sharply on renewed hopes that China Eastern will merge with Shanghai Airlines.
The benchmark Shanghai Composite Index ended the morning down 12.66 points or
0.67 pct at 1,884.57, off a low of 1,862.11.
"The market was oversold yesterday with the largest single day percentage loss
in one month. It has already hit the near-term support point and a mild rebound
is seen possible," said Chen Huiqin, an analyst with Huitai Securities.
"Investors should not be panicky as the authorities are likely to provide more
support for the local bourses to avoid any further collapse," Chen added.
She noted that stocks leading the declines were mainly due to profit-taking,
which will not hurt the fundamentals of the overall market.
Fiberhome Telecommunication Technologies (SHA 600498) tumbled 6.58 pct to 10.65
yuan, while China United Telecommunications (Unicom) (SHA 600050) fell 2.67 pct
to 5.11 yuan.
ZTE Corp (SZA 000063; HK 0763), a major telecom equipment maker, was down 3.32
pct at 26.50 yuan.
Shandong Gold-Mining (SHA 600547) shed 2.81 pct to 46.30 yuan and Aluminum Corp
of China (SHA 601600; HK 2600) lost 2.98 pct to 6.83.
Jiangxi Copper (SHA 600362; HK 0358) slipped 2.07 pct to 11.37 yuan. China's
largest integrated copper producer said its board has approved a 268 mln yuan
injection into its joint venture with US copper foil group Yates Foil to upgrade
technology and expand capacity.
Energy firms were also weaker after a major oil refiner posted a profit
warning, and as crude oil prices retreated further.
Sinopec Shanghai Petrochemical (SHA 600688; HK 0338; NYSE SHI) fell 3.21 pct to
5.43 yuan after saying it expects to suffer a wider loss in the fourth quarter
compared to the third quarter due to weak demand and despite falling
international crude oil prices.
The refiner booked a net loss of 2.31 bln yuan in the third quarter, expanding
a loss of 94.07 mln a year earlier and a loss of 372.77 mln yuan in the first
half.
China Petroleum & Chemical Corp (Sinopec) (SHA 600028; HK 0386; NYSE SNP)
declined 1.63 pct to 7.23 yuan, while PetroChina (SHA 601857; HK 0857), the
biggest index component, lost 1.44 pct to 10.30.
Huaneng Power International (SHA 600011; HK 0902; NYSE HNP) shed 3.19 pct to

6.99 yuan. Its shareholders have approved a proposal to issue up to 10 bln yuan
worth of medium-term notes.
Yanzhou Coal Mining (SHA 600188; HK 1171; NYSE YZC) tumbled 5.42 pct to 9.25
yuan.
Haitong Securities (SHA 600837) was down 3.49 pct at 7.47 yuan. The company
said 2.07 bln shares, equivalent to 25.15 pct of its total capital, will come
out of lockup from Dec 29.
China Eastern Airlines (SHA 600115; HK 0670; NYSE CEA) rose by the 10 pct daily
limit to 4.66 yuan, while Shanghai Airlines (SHA 600591) gained 6.34 pct to 5.03
yuan.
The official Shanghai Securities News quoted unidentified sources as saying
that Chinese authorities have expressed their support for a merger between the
two airlines.
Speculation on a possible merger between China Eastern and Shanghai Airlines
first emerged in October, when reports said the Shanghai municipal government
had basically approved a plan to transfer about 60 pct stake in Shanghai
Airlines to China Eastern.
Air China (SHA 601111;HK 0753) added 4.05 pct to 4.37 yuan and China Southern
Airlines (SHA 600029; HK 1055; ADR ZNH) advanced 4.65 pct to 3.60.
Sichuan-based Dongfang Electric (SHA 600875; HK 1072) gained 1.43 pct to 27.00
yuan. It said the final damage assessment from the May 12 earthquake puts direct
losses at 1.565 bln yuan.
The Shanghai A-share Index fell 13.32 points or 0.67 pct to 1,978.97, while the
Shenzhen A-share Index was down 4.19 points or 0.68 pct at 613.45.
The FTSE/Xinhua China A 50 Index was down 25.74 points or 0.38 pct at 6,785.42
and the FTSE/Xinhua China A 200 Index fell 22.70 points or 0.42 pct to 5,343.91.
(1 usd = 6.85 yuan)
allen.shu@xfn.com
MMMM

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