June 16, 2010 (Chinavestor) – It was a slow day for U.S. and Chinese stocks alike as the major U.S. indexes were hampered by weak volume and holidays in China and Hong Kong led to some lethargic trade in Chinese ADRs and ETFs. The PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) was flat on the day while the iShares/FTSE Xinhua China 25 Index (NYSE:FXI) and the Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) managed small gains of less than 0.5% each.
Among large-caps, oil and solar names failed to follow through on yesterday's robust moves despite a move higher by crude futures today. Sinopec Shanghai Petrochemical (NYSE:SHI) shed 0.80% while Suntech Power (NYSE:STP) lost almost 2% and Yingli Green Energy (NYSE:YGE) lost 2.5%. There was more weakness in the commodities complex as Aluminum Corp. of China (NYSE:ACH) also lost more than 1%.
Real estate names saw some selling pressure after Nomura Securities said last night it expects China's property bubble to burst “quickly.” China Real Estate Information (Nasdaq:CRIC) and Home Inns & Hotels Management (Nasdaq:HMIN) were both down more than 1% on the day.
Among gainers, Silvercorp Metals (NYSE:SVM) shrugged off a negative trend in the commodities space to add almost 5%. Telecom names also showed some strength again with China Unicom (NYSE:CHU) adding almost 1.4% and City Telecom (Nasdaq:CTEL) building on Tuesday's gains by jumping another 4% today. Tech names turned in another bullish performance with AsiaInfo Holdings (Nasdaq:ASIA), Focus Media Holdings (Nasdaq:FMCN), Ctrip.com (Nasdaq:CTRP) and VanceInfo Technologies (NYSE:VIT) all booking small gains on the day.
Speaking of winners, 3SBio (Nasdaq:SSRX) surged 10.5%,with almost all of those gains coming in the last two hours of trading. Volume in the name was more than triple the daily average, but there was no news to prompt the bullish move. Oil services firm WSP Holdings (NYSE:WH) bounced after some recent selling to advance 6.3% while Fuqi International (Nasdaq:FUQI), the jewelry maker, also gained more than 6%.
The bullish move in tech stocks permeated the small-cap space with China TechFaith Wireless (Nasdaq:CNTF), China Information Security Technology (Nasdaq:CPBY) and Sutor Technology (Nasdaq:SUTR) all finishing higher on Wednesday.
Small-cap real estate issues took a cue from their large-cap counterparts with China Housing and Land Development (Nasdaq:CHLN) tumbling 6.25% and Xinyuan Real Estate (NYSE:XIN) losing almost 3%.
Gaming stocks continue to see selling pressure with Shanda Interactive (Nasdaq:SNDA) losing more than 1% and The9 Limited (Nasdaq:NCTY) losing more than 4%. Qiao Xing Universal Resources (Nasaq:XING) fellow in unison with most commodities names, declining by more than 4%. Nano calcium carbonate producer Shengdatech (Nasdaq:SDTH) dropped 4% on stronger-than-average volume. China Precision Steel (Nasdaq:CPSL) joined in the commodities-related declines, losing 3%.