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MarketScreener 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 joanne.chiu@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CHINA PETROLEUM & CHEMICAL CORP --End-of-day quote.
CHINA PETROLEUM & CHEMICAL CORP 1.76% 6.93 End-of-day quote.11.09%
CNOOC LTD 0.55% 14.58 End-of-day quote.29.95%
DJ INDUSTRIAL 0.71% 26246.96 Delayed Quote.6.18%
NASDAQ 100 0.80% 7494.3994 Delayed Quote.16.23%
NASDAQ COMP. 0.76% 7956.1068 Delayed Quote.14.38%
S&P 500 0.54% 2904.31 Real-time Quote.8.05%
S&P/ASX 200 0.46% 6190 Real-time Quote.1.98%
US DOLLAR INDEX 0.15% 94.64 End-of-day quote.3.03%
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Financials (CNY)
Sales 2018 2 665 B
EBIT 2018 122 B
Net income 2018 78 237 M
Finance 2018 771 M
Yield 2018 7,43%
P/E ratio 2018 10,48
P/E ratio 2019 10,04
EV / Sales 2018 0,31x
EV / Sales 2019 0,29x
Capitalization 820 B
Chart CHINA PETROLEUM & CHEMICAL CORP
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Technical analysis trends CHINA PETROLEUM & CHEMICAL
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 8,24  CNY
Spread / Average Target 21%
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 CORP11.09%118 017
EXXON MOBIL CORPORATION-0.28%353 142
BP5.24%143 185
RELIANCE INDUSTRIES32.09%107 220
SUNCOR ENERGY INC.11.22%62 081
PHILLIPS 6612.01%52 373