June 22, 2012 (Chinavestor) We have just had another difficult week with Greece's elections, Spain's record borrowing costs and major global bank downgrades in the front headlines. Not to mention slower Chinese PMI for May and lack of action from the FED to stimulate the economy.
Yet not every sector took a beating. Chinese transportation stocks, airliners in particular, took off on lower kerosene prices. Huaneng Power Int. (NYSE:HNP), the largest Chinese independent power producer, lifted utilities on lower coal prices. Consumer durables and cyclical stocks outperformed the broad market as well thanks to Synutra International (NASDAQ:SYUT) and Acorn International (NYSE:ATV).