I have been looking at the chinese steel producers which I believe is the benchmark of the Chinese economy. There was a rise last month in the share price and I was staggered.
Some of the largest steel producers in China have pe ratios of 29, this is way overheated, this level of pe ratio exists even after a 30% fall in stock price over 3 months.
I actually think that we have a reverse diagnosis of economic confidence occuring in china. This time instead of world economies having too much confidence in China; China has put too much confidence in world demand which has resulted in overheated stocks.
I think Australian stocks could correct between 15 to 20%, depending on the sector, the down side will be moddest.
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$62.48 |
Change
0.470(0.76%) |
Mkt cap ! $12.11B |
Open | High | Low | Value | Volume |
$62.30 | $62.59 | $61.80 | $27.12M | 434.9K |
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No. | Vol. | Price($) |
---|---|---|
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Sellers (Offers)
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View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 265 | 62.450 |
1 | 50 | 62.000 |
1 | 155 | 61.860 |
1 | 500 | 61.840 |
1 | 155 | 61.830 |
Price($) | Vol. | No. |
---|---|---|
62.670 | 85 | 1 |
62.800 | 150 | 1 |
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63.000 | 1388 | 6 |
63.050 | 310 | 1 |
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