July 13, 2012 (Chinavestor) Bottom fishers snapped up oversold assets from the consumer durables and transportation sectors this week. Consumer stocks were the weakest in all of July so this week was some sort of a relief. Most of the gains are attributed to Syutra International (NASDAQ:SYUT) and Zhongpin Inc. (NASDAQ:HOGS). Chinese airliners jumped on Friday following news that the State Council will ease tax burden and spur investment to airliners in China. China Southern Airlines (NYSE:ZNH) and China Eastern Airlines (NYSE:CEA) rose 9.81% and 8.02% on Friday, respectively.
But basic materials and energy stocks sank on weak global economic outlook. Aluminum Corp. of China (NYSE:ACH) and Silvercorp Metals (NYSE:SVM), the tow largest components of the sector, fell 5.3% and 9.2% for the week. Technology stocks fell before the earnings season on lack of presumed growth. All seven largest components of the tech sector fell for the week, led by Baidu.com Inc. (NASDAQ:BIDU) and followed by Sina Corp. (NASDAQ:SINA), NetEase.com Inc. (NASDAQ:NTES), Sohu Corp. (NASDAQ:SOHU) and Youku Inc. (NYSE:YOKU).
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