JP Morgan Upgrades Sinopec Shanghai Petrochemical Co. (ADR) to Overweight

Brokerage firm JP Morgan Upgrades its rating on Sinopec Shanghai Petrochemical Co. (ADR)(NYSE:SHI). The shares have been rated Overweight. Previously, the analysts had a Underweight rating on the shares. The rating by JP Morgan was issued on Apr 12, 2016.

Sinopec Shanghai Petrochemical Co. (ADR) (SHI) shares turned negative on Fridays trading session with the shares closing down -1.16 points or -2.39% at a volume of 30,163. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $48.08. The peak price level was also seen at $48.08 while the days lowest was $47.3. Finally the shares closed at $47.3. The 52-week high of the shares is $67.8 while the 52-week low is $29.84. According to the latest information available, the market cap of the company is $5,108 M.

Sinopec Shanghai Petrochemical Company Limited is a petrochemical Company. The Company is engaged in processing crude oil into synthetic fibers resins and plastics intermediate petrochemicals and petroleum products. The Company has five segments: synthetic fibres resins and plastics intermediate petrochemicals petroleum products and trading of petrochemical products. The Company’s synthetic fibres segment produces primarily polyester and acrylic fibers. Its resins and plastics segment produces primarily polyester chips polyethylene resins and films polypropylene resins and polyvinyl alcohol (PVA) granules. The Company’s intermediate petrochemicals segment primarily produces p-xylene benzene and ethylene oxide. The Company’s petroleum products segment is equipped with crude oil distillation facilities used to produce vacuum and atmospheric gas oils. Its trading of petrochemical products segment is primarily engaged in importing and exporting of petrochemical products.

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