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Pre-Market Report

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Shares of Chinese ADRs continued to drop in a third day erasing all the gains in previous sessions. It leaves ut at a zero sum balance for the week so far, at least when it comes to comparison of Thursday to Thursday. As the technical indicator at the end of this report shows, we're just back almost where we were a week ago. Looking at individual stocks, Suntech Power (STP), an industry leader in solar panels, dropped $2.36 or 14.91%. I expect the rest of the sector to follow very soon. Baidu.com (BIDU) fell $6.59 followed by CNOOC Ltd (CEO). On the bright spot NetEase (NTES) and Chinese airliners climbed, the latter following strong HK sentiment. Looking ahead trading is promising, at least when it comes to index futures. It looks as if investors are getting back on the board and will snap some quality stocks for grabs following three days of decline. Surprisingly strong earnings from Sears adds to investor optimism. When it comes to Chinese ADRs trading in Hong Kong has not much good news to supply. All NYSE and NASDAQ listed China stocks went down in HK on Friday. China Mobile lost only 0.6% making it the best China H share company listed in New York. Sinopec Shanghai Petchem (SHI) and Yanzhou Coal (YZC) suffered the most overseas this morning.

Pre-Market.pdf 65.53 Kb



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