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Monday, January 21, 2008

When Bankers Go Bad

This is what happens. Hang Seng collapses, and takes everyone else along:
Company Last Chg Chg % Volume
Bank Of China Ltd H Shs 3.08 -0.29 -8.61 530,268,576
Bank of Communications Co Ltd H Shr 8.10 -0.99 -10.89 83,695,944
Bank of East Asia Ltd 41.75 -3.40 -7.53 5,675,241
BOC Hong Kong Hldgs Ltd 18.22 -1.50 -7.61 21,619,220
Cathay Pacific Airways Ltd 17.00 -1.12 -6.18 7,700,000
Cheung Kong Holdings Ltd 115.90 -7.90 -6.38 8,758,814
Cheung Kong Infrastructure Holdings 27.20 -0.35 -1.27 579,029
China Construction Bank Corp H Shs 5.03 -0.62 -10.97 482,901,824
China Life Insurance Co Ltd H Shs 28.00 -4.85 -14.76 182,718,592
China Merchants Hldgs Intl Co Ltd 31.60 -4.05 -11.36 8,153,836
China Mobile Ltd 110.10 -7.60 -6.46 51,706,404
China Netcom Group Corp HK Ltd 19.98 -3.47 -14.80 13,668,500
China Overseas Land and Investment 11.74 -1.22 -9.41 22,721,748
China Petroleum & Chemical Corp H sh 7.70 -0.69 -8.22 184,932,560
China Resources Enterprise Ltd 25.00 -2.50 -9.09 6,548,746
China Shenhua Energy Co Ltd H Shr 37.60 -4.40 -10.48 40,636,600
China Unicom Ltd 14.92 -1.60 -9.69 13,410,000
CITIC Pacific Ltd 33.05 -2.25 -6.37 5,549,341
CLP Holdings Ltd 57.85 -2.50 -4.14 9,824,746
CNOOC Ltd 9.76 -1.30 -11.75 142,683,024

And so forth..

Ping An might have started this:
Ping An Insurance (Group) Co, China's number two life insurer, said Monday it planned what could become the largest-ever domestic share sale by an already-listed company.
The thing is they just sold shares last year. I had that article saved in my Meltdown2008 folder because it struck me at the time as extremely odd.

I don't know why people bungee jump. It's way more fun to get your thrills by investing in EMs.

PS: I am watching Bovespa to get an idea of what the real damage is. It went down yesterday - we'll see if it can recover a bit today, or at least stabilize above 49,000.

People seem to be expecting the US government to fix it somehow. That shows you how bad things really are.

Comments:
This comment has been removed by a blog administrator.
 
People seem to be expecting the US government to fix it somehow.

Well, the White House says "The Economy is Basically Sound" and is proposing a $500-per-taxpayer cash rebate, which usually means it's time to start stashing gold ingots under your mattress and sit on top of it with a shotgun...
 
I don't know why people bungee jump. It's way more fun to get your thrills by investing in EMs.

I have been investing in EMs since the mid-90's through mutual funds and the asset class has been my most profitable. Buying and selling panics do occur however but ,over time, the buying has overwhelmed the selling. If someone can time these markets then more power to them - I can't and don't try. So hold tightly to your backside and ride the swings but stay in your positions - you will be rewarded over time.

Jim
 
Perhaps I should have written "speculating" instead of investing?

I worry when they get internally hot. Like any other market, they can get speculative, and when they do, it is often in a wild and wooly manner.
 
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