Materials the worst performers on the day led by steel & cement while Tencent holds its own hitting an all-time high. Here’s what’s moving in HK/China beyond the indexes:
** GCL-Poly Energy : +1.5%, rebound from June lows continue after EU & China resolve solar dispute. Stock now up 30% this year with big swings along the way.
** Tencent Holdings : +1.3%, hits another record as stock keeps chugging along. Shares are up 40% this year. Alibaba valuation chatter, mobile gaming in China, Facebook rebound - all cited as reasons. Additionally, a China play uncorrelated to the sluggish H-shares.
** Angang Steel : -5.2%, top loser among large-cap H-shares following dip in Chinese industrials profit growth. Leads materials sector lower.
** Kunlun Energy : -4.2%, top loser & most active stock on the HSI, stocks hits a 52-week low. Parent PetroChina’s plans to hike prices of natural gas for LNG processing to hurt.
** MIE Holdings : -8.5%, oil drilling company warns of declining profits, analysts expected to cut estimates.
** Vodone : +7.9%, exits China Mobile Games and Entertainment stake.
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