Reading at the open: Shares of Chinese equities listed on U.S. exchanges, referred to as ADRs, are trading sideways after the open. Large cap stocks seem to be consolidating after yesterday's huge rally with Baidu.com as exception. China's search engine giant, Baidu, is up another $5.27 at $265.66 passing the $260 resistance level easily. Baidu reported strong 2007 Q4 and full year earnings yet was on the low side, following weak market sentiment. But this time when sentiment is undecided, fundamentals came back on play, propelling Baidu back to the $260+ range.
Another NASDAQ listed China ADR that extends yesterday's gains is Ctrip.com, China's premium online travel company. Chinavestor has just published a 10 plus pager research study of Ctrip.com and is available for subscribers. Please logon and click on the "Stock Analysis" folder to download your copy.
China's leading MMPORG developer Shanda Interactive (SNDA) is extending yesterday's gains.
Chinese energy companies are giving back some of yesterday's gains. Sinopec (SNP), Petrochina (PTR) and CNOOC Ltd. (CEO) are all in the bottom ten list of "Top Movers". Oil prices are retrieving from yesterday's record, pulling oil shares back. China's third largest coal producer. Yanzou Coal (YZC) is down $1.96 after yesterday's over 7% gain.
3/12/2008 9:45
Symbol
Price
Change
Change%
BIDU
265.66
5.27
2.02%
STV
17.45
0.89
5.37%
STP
30.94
0.70
2.31%
JASO
15.20
0.62
4.25%
CTRP
54.62
0.49
0.91%
SNDA
31.17
0.39
1.26%
TOMO
13.10
0.31
2.42%
SOLF
9.85
0.25
2.60%
SOHU
44.92
0.22
0.49%
GA
10.39
0.10
0.97%
SHI
42.18
-1.64
-3.74%
CEO
170.28
-1.75
-1.02%
CEA
50.77
-1.89
-3.59%
CHL
72.33
-2.55%
YZC
76.17
-1.96
-2.51%
ZNH
44.25
-2.29
-4.92%
CN
61.51
-2.82
-4.38%
PTR
139.63
-2.90
-2.03%
SNP
97.10
-3.72
-3.69%
CHA
72.99
-3.76
-4.90%
Update at noon: NASDAQ listed Chinese shares lead the market today, following yesterday's lackluster performance. On the contrary, NYSE listed Chinese ADRs are giving back some of the gains they enjoyed yesterday.
The China NASDAQ Index (CQI) vaulted its best intraday gain ever by vaulting 32.57 points. The index is riding on the back of index heavy-weight Baidu.com, a stock that is up $13.08 today at $273.47 by noon. Quality Chinese stocks are leading the advance today with Sohu.com (SOHU), China Focus Media (FMCN), and Ctrip.com (CTRP).
To the contrary, the index of NYSE listed Chinese ADRs, CYI, is down -20.04 points but is still ahead of the NASDAQ listed Chinese stock universe by over 5% year-to-date (YTD).
Index
Date
Value
Today
YTD
CAI
3/12/2008
844.15
-18.03
-15.59%
CYI
846.18
-20.04
-15.38%
CQI
793.10
32.57
-20.69%
Stock with the biggest move today are: Baidu.com (BIDU) on weak performance followed by strong earnings, China Digital TV (STV) rebouncing after falling over 41% YTD and was being way oversold. Sohu.com (SOHU), Focus Media (FMCN) and Ctrip.com (CTRP) have been regularly on the "BEST Stocks" weekly stock recommendation watch list.
On the negative side, all top ten losers for today are NYSE listings. They have vaulted remarkably yesterday and after such rally the market needs a breather. With that said we think this pullback is more technical in nature.
3/12/2008 12:15
273.47
13.08
5.02%
19.50
2.94
17.77%
47.23
2.53
5.66%
FMCN
46.62
2.16
4.86%
32.25
2.01
6.65%
55.63
1.50
2.77%
SINA
38.45
0.90
2.40%
10.31
0.71
7.40%
ASIA
10.99
0.63
6.08%
15.18
0.60
4.12%
HNP
28.49
-1.17
-3.94%
51.36
-1.30
-2.47%
42.47
-1.35
-3.08%
72.65
-1.57
-2.12%
44.82
-1.72
-3.70%
76.23
-1.90
-2.43%
140.30
-2.23
-1.56%
73.85
-3.78%
97.91
-2.91
-2.89%
61.22
-3.11
-4.83%
Update at the close:
3/12/2008 16:00
273.64
13.25
5.09%
21.33
4.77
28.80%
32.62
2.38
7.87%
46.41
1.71
3.83%
55.36
1.23
2.27%
JOBS
18.61
0.94
5.32%
45.21
0.75
1.69%
38.07
0.52
1.38%
10.88
GRIN
2.05
31.40%
41.79
-2.03
-4.63%
71.74
-2.48
-3.34%
43.64
-6.23%
49.72
-2.94
-5.58%
169.00
-3.03
-1.76%
75.01
-3.12
-3.99%
60.31
-4.02
-6.25%
72.57
-4.18
-5.45%
138.02
-4.51
-3.16%
96.26
-4.56
-4.52%
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