Shanghai, HK Indexes Fall in Q1

Mayank Mehta
31 Mar, 2010
New York City

Cnooc Ltd, the largest Chinese offshore energy explorer reported 2009 net declined 34% after oil prices dropped more than 70%. China Merchants Holdings second half net dropped 10%. Huawei Technologies 2009 net more than doubled.

[R]6:00 AM Hong Kong, China – Cnooc Ltd, the largest Chinese offshore energy explorer reported 2009 net declined 34% after oil prices dropped more than 70%. China Merchants Holdings second half net dropped 10%. Huawei Technologies 2009 net more than doubled.[/R]

Hang Seng index in Hong Kong decreased 135.44 or 0.63% to 21,239.35 and dropped 2.9% in the quarter and CSI 300 index in China decreased 21.10 or 0.63% to 3,345.61 and fell 4.9% in the quarter.

Shanghai Movers

Bank of Communications Co., Ltd dropped 0.4% to 8.28 yuan after the bank reported 2009 net interest income rose 1% to Rmb 66.7 billion from Rmb 65.9 billion a year ago. Net profit in the year rose 5.6% to Rmb 30.1 billion or Rmb 0.61 per diluted share compared to net profit of Rmb 28.5 billion or Rmb 0.58 per share a year ago.

China Oilfield Services Limited decreased 1.7% to 15.88 yuan an oil producer reported first half sales rose 47% to Rmb 17.9 billion from Rmb 12.2 billion a year ago. Net profit in the first half rose 1.3% to Rmb 3.14 billion or 69.75 cents per diluted share compared to net profit of Rmb 3.1 billion or 69.01 cents per share a year ago.

Huawei Technologies Co., Ltd the telecom solutions provider reported 2009 sales rose 19% to Rmb 149.1 billion from Rmb 125.2 billion a year ago. Net profit in the year rose 133% to Rmb 18.3 billion compared to net profit of Rmb 7.85 billion a year ago.

Zijin Mining Group Co., Ltd fell 0.7% to 8.20 yuan after the gold producer 2009 revenues rose 24% to Rmb 20.2 billion from Rmb 16.3 billion a year ago. Net profit in the year rose 15.6% to Rmb 3.55 billion or Rmb 0.24 per diluted share compared to net profit of Rmb 3.07 billion or Rmb 0.22 per share a year ago.

HK Movers

China Longyuan Power Group Corporation Limited declined 1.6% to HK$9.23 after the wind-power producer said net rises 165% on wind power expansion.

China Oilfield Services dropped 6.9% to HK$11.40 after it reported nearly flat earnings of 3.14 billion yuan and indicated the outlook for the year is still “harsh.”

CNOOC Limited fell 1.3% to HK$12.74 after the producer of offshore crude oil and natural gas reported 2009 revenues fell 16.5% to Rmb 105.2 billion from Rmb 126 billion a year ago. Net profit in the year fell 34% to Rmb 29.5 billion or Rmb 0.66 per diluted share compared to net profit of Rmb 44.4 billion or Rmb 0.99 per share a year ago.

Cnooc Ltd, the largest Chinese offshore energy explorer reported 2009 net declined 34% after oil prices dropped more than 70%. Cnooc plans to increased capital spending 27% as it expands production.

China Merchants Holdings Co. dropped 2.1% to HK$28.60 after it reported second half net declined 10% to HK$1.51 billion.

Geely Automobile Holdings Limited the private carmaker fell 0.9% to HK$4.11 after the company agreed to acquire Volvo Cars for $1.8 billion and invest additional $900 million in the luxury automaker.

Henderson Land Development Company Limited fell 4.1% to HK$54.75 after the builder reported profit that missed analyst estimates.

Jiangxi Copper Company Limited dropped 0.3% to HK$17.48 after the producer of the metal expects two overseas projects will provide a total of 400,000 tons of copper in concentrate after 2014, allowing it to cut purchases even if it takes over the Yantai Penghui smelter.

Maanshan Iron & Steel Company Limited fell 0.6% to HK$4.55 after the steelmaker proposes final dividend.