With no action in China in due to the Chinese New Year kicking in, U.S. listed Chinese stocks or adrs tracked U.S. market sentiment very closely. Regarding the home market, Wall Street finished a dismal week with a mixed performance Friday as investors grappled with fears about insurers of distressed mortgage-backed bonds and anxiety about the broader economy. The DJIA dropped over 60 points while the NASDAQ composite gained.

Looking at the Chinese stock universe, the broad China ADR Index (CAI) lost -5.1 points on Friday to finish the week down -4.6% lower. The index is down -15.68% year-to-date (YTD).

NYSE listed Chinese ADRs are better choice for global investors in 2008 so far. The China NYSE Index, a market cap weighted index tracking the performance of the NYSE listed Chinese stock universe, is down -15.28% YTD. NASDAQ listed Chinese ADRs suffered severly in 2008 as the China NASDAQ Index (CQI) lost -26.21% in 2008 alone.

Index	Date	Value	Change	YTD
CAI	2/8/2008	843.22	-5.07	-15.68%
CYI	2/8/2008	847.16	-5.53	-15.28%
CQI	2/8/2008	737.88	7.05	-26.21%

For the week, Chinese stocks sufered heavy losses. The "BEST" five stocks for the week were: LONG, TSL, UTSI, SNP and HTX. ELong Inc. said it will announce fourth quarter financial results on February 26, 2008. There is a strong chance that the company will beat analysts expectations, estimates that the company will return to the black. Elong has long been conceived as underdog when it came to industry rival Ctrip.com (CTRP). Ctrip.com has been delivering strong earnings with impressive earnings growth and came under fire lately after heavy snowstorms created havoc right before the Chinese New Year. Bad weather halted trains, mass transportation all over China, denting into CTRP's profit.

Trina Solar (TSL) managed to trade sideways during the week. The stock has lost over 35% of its value since January1, 2008 and seems to hit bottom this week. This virtually unchanged price from a week ago is more of a technical indication that the stock is oversold than a fundamental change.

UTStarcom Inc. (UTSI) lost over 5% on Friday yet managed to end the week up by a mere 0.7%. Given relatively low stock price of $2.94 on Friday, any change in stock price creates a significant jump in percentage terms. There is no underlying fundamental change that would suggest the stock is on the move for the upcoming week.

Asia's largest refiner, Sinopec (SNP) lost a mere -0.9% to close $112.09 on Friday. The stock was supported by easing oil futures earlier the week. Lower oil prices mean higher margin for Sinopec because refined oil prices are capped by the government to keep inflation low while crude prices are determined by market forces.

Hutchinson Telecom (HTX) has been on the slide since the beginning of the year. Last week's relatively small fall is attibuted to a technical correction, e.g. the stock has fallen already -8.7% YTD and may find some support at current price levels around $20.

BEST Chinese Stocks for the Week - February 1-8, 2008 

Stock	Ticker	2/1/2008	2/8/2008	% change
Elong Inc.	LONG	7.69	8.04	4.6%
Trina Solar Ltd.	TSL	34.28	34.55	0.8%
UTS Starcom INC	UTSI	2.92	2.94	0.7%
China Petroleum & Chemical	SNP	113.10	112.09	-0.9%
Hutchinson Telecoms Int.	HTX	21.05	20.68	-1.8%