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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  China Petroleum & Chemical Corp    600028   CNE0000018G1

CHINA PETROLEUM & CHEMICAL CORP (600028)
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Energy Shares Detract From Broader Gains In Asian Markets

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07/12/2018 | 07:57am CEST

By Joanne Chiu

Asia-Pacific stocks gained Thursday, with benchmarks in mainland China advancing nearly 2%. Currency weakness helped lift other major indexes, including those in Australia and Japan.

Thursday's Big Theme

Regional energy companies fell after a steep drop in oil prices.

What's Happening

Oil slumped overnight after Libya indicated it would resume exports. The prospect of U.S. tariffs on a further $200 billion of Chinese goods also helped reverse crude's recent rally, by casting doubts on the economic outlook.

Light, sweet crude for August delivery logged its largest daily percentage drop in a year on Wednesday, crashing 5%. It recovered slightly on Thursday, rising 0.6% to $70.82 a barrel on the New York Mercantile Exchange.

Energy stocks felt the pinch. Among China's major-stated backed oil companies, Hong Kong-listed shares in PetroChina Co. fell 0.7% after dropping 1.5% in the previous session. CNOOC Ltd. and Sinopec Corp. also pulled back slightly. Meanwhile, the energy sub-index of Australia's benchmark S&P/ASX 200 fell more than 1%, declining for a second day.

The weakness in crude spilled over to commodity-linked currencies such as the Australian dollar, which fell 1.2% yesterday. It bounced 0.2% on Thursday.

Airline stocks bucked the trend. They benefit from lower fuel costs, although this can be eroded by currency moves. Hong Kong-traded shares of China Eastern Airlines Corp., which on Wednesday unveiled a $2.2 billion capital raising, jumped 4.9% while state-owned rivals Air China Ltd. and China Southern Airlines bounced 1% to 2%. All three have been highly volatile this year.

Market Reaction

Michael McCarthy, chief market strategist at CMC Markets, said oil was hit by "a crumbling demand picture and resumption of Libyan supply.

"Despite a long lead time for the additional U.S. tariffs, markets moved immediately to re-price the risk of a global slowdown caused by the intended embargoes," he added.

Elsewhere

ZTE Corp.'s Hong Kong-listed stock surged nearly 24% after the Chinese maker of telecommunications equipment cleared the last major hurdle to lifting U.S. sanctions. Its Shenzhen-traded shares rose 10%, the maximum they are allowed to move in a single day.

S&P 500 futures rose 0.3%, after the U.S. benchmark fell 0.7% in the previous session. The dollar index, which tracks the greenback against six major currencies, was flat at 94.759.

Write to Joanne Chiu at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
CHINA PETROLEUM & CHEMICAL CORP --End-of-day quote.
CHINA PETROLEUM & CHEMICAL CORP 2.08% 6.38 End-of-day quote.1.96%
CNOOC LTD 0.33% 12.34 End-of-day quote.9.98%
DJ INDUSTRIAL -0.03% 25058.12 Delayed Quote.1.37%
NASDAQ 100 -0.03% 7350.2269 Delayed Quote.14.94%
NASDAQ COMP. -0.07% 7820.1984 Delayed Quote.13.35%
S&P 500 -0.09% 2801.83 Real-time Quote.4.89%
S&P/ASX 200 0.37% 6285.9 Real-time Quote.3.26%
US DOLLAR INDEX -0.73% 94.46 End-of-day quote.2.83%
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Financials (CNY)
Sales 2018 2 598 B
EBIT 2018 116 B
Net income 2018 73 409 M
Debt 2018 26 555 M
Yield 2018 7,34%
P/E ratio 2018 10,26
P/E ratio 2019 9,94
EV / Sales 2018 0,30x
EV / Sales 2019 0,28x
Capitalization 757 B
Chart CHINA PETROLEUM & CHEMICAL
Duration : Period :
China Petroleum & Chemical Technical Analysis Chart | 600028 | CNE0000018G1 | 4-Traders
Technical analysis trends CHINA PETROLEUM & CHEMICAL
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 8,20  CNY
Spread / Average Target 28%
EPS Revisions
Managers
NameTitle
Hou Liang Dai Chairman & President
Dong Zhao Chairman-Supervisory Board
De Hua Wang Chief Financial Officer
Zhen Ying Jiang Member-Supervisory Board
Ren Ming Yu Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
CHINA PETROLEUM & CHEMICAL CORP1.96%111 846
EXXON MOBIL CORPORATION-1.95%347 217
BP8.53%148 219
RELIANCE INDUSTRIES21.11%101 819
SUNCOR ENERGY INC.17.25%66 589
PHILLIPS 669.11%51 715