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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: Mike Johnston6/20/2007 6:11:21 AM
   of 110194
 
0308 GMT [Dow Jones] Chinese steel makers gain in active trade, shrugging off
government's decision to cut or abolish export tax rebates on steel products.
From short-term view, steel stocks still have room to rise given relatively low
values, compared with other sectors, says Yang Baofeng at Orient Securities;
steel companies trading at average PE of 20X, vs more than 40X for overall
market. "But the negative impact (of the removal of tax rebates) on corporate
earnings will be reflected in the second half."
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