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2009-6-30 12:11:00 p.m. HKT, XFNA
DJ MARKET TALK: Sinopec Off Highs; Oil Price Rise Worrisome - GC
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| 1204 [Dow Jones] Sinopec (0386.HK) +4.2% at HK$5.96 but off intraday high of HK$6.06, which may act as immediate cap; stock remains most heavily traded with HK$1.55 billion. While news China hiking refined oil product price positive, GuocoCapital says it remains cautious on refining business in long term due to expectation of rising oil price, though tips Sinopec shares to get near-term boost as valuation already cheaper than PetroChina (0857.HK), Cnooc (0883.HK). Upgrades Sinopec to Buy from Hold, target price of HK$6.4 pegged on 10X FY10 P/E. House keeps Hold call on PetroChina with target price of HK$8.40 based on 12X FY10 P/E. PetroChina +2.1% at HK$8.81, also off day's high of HK$8.90. (RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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