Hang Seng Mainland Stocks Bleed
Source: Bloomberg News |
June 11, 2011, Saturday
|
Print Edition
Print Edition
CHINESE mainland's stocks traded in Hong Kong are the world's worst performers this month as allegations of fraud at some smaller companies added to concerns that slowing economic growth will hurt corporate profits.
The Hang Seng China Enterprises Index of 40 mainland companies' H shares has retreated 6.7 percent this month, the most among 91 global benchmark indexes tracked by Bloomberg News. The index yesterday fell 0.7 percent to 12,380.81, the lowest close since February 25 and rounding out a seventh day of losses. The H-share gauge has tumbled 9.5 percent from this year's high on April 11. Losses have been led this month by a 15 percent slump in BYD Co, the Chinese car maker backed by Warren Buffett, and a 14 percent plunge in the Agricultural Bank of China.
Stocks tracked by the H-share index trade at 10 times estimated profit, the lowest level since March 2009.
The Hang Seng China Enterprises Index of 40 mainland companies' H shares has retreated 6.7 percent this month, the most among 91 global benchmark indexes tracked by Bloomberg News. The index yesterday fell 0.7 percent to 12,380.81, the lowest close since February 25 and rounding out a seventh day of losses. The H-share gauge has tumbled 9.5 percent from this year's high on April 11. Losses have been led this month by a 15 percent slump in BYD Co, the Chinese car maker backed by Warren Buffett, and a 14 percent plunge in the Agricultural Bank of China.
Stocks tracked by the H-share index trade at 10 times estimated profit, the lowest level since March 2009.
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