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Shanghai bottomed out, free fall in Hong Kong

Shanghai bottomed out, free fall in Hong Kong

May 5, 2010 (Chinavestor) Value investors started to pick up undervalued shares of Chinese companies in Shanghai but Hong Kong trailed U.S. market lower on Wednesday. The Shanghai Composite Index (SHA:000001) ended the day in the black thanks to a last hour rally. The gauge of the Mainland rose +21.9 points or +0.8% to 2,857.15 at the end of the day. Resource stocks fell on soft commodity prices; Jiangxi Copper (SHA:600362), the largest Chinese producer of the metal, fell -3.3% while Aluminum Corp. of China (SHA:601600), the third largest aluminum maker of the world, tumbled -2.0%.

Trading in Hong Kong was remarkably different. The Hang Seng Index (INDEXHANGSENG:.HSI) dived -435.5 points or -2.1% to 20,327.54. Stocks that fell outnumbered those that advanced five to one out of the 42 member index components. Chinese airliners outperformed on lower oil; Air China (HKG:0753) advanced +2.0%, China Southern Airlines (HKG:1055) rose +1.2% and China Eastern Airlines (HKG:0670) shed only -0.5%. China Mobile (HKG:0941) fell only -1.2% compared to wide losses all over the board. CNOOC Ltd. (NYSE:CEO), China's offshore oil producer, tumbled -4.6% while Aluminum Corp. of China (HKG:2600) fell -3.2%.

 

Two Chinese ADRs reported earnings last night, UTStarcom (NASDAQ:UTSI) and AirMedia Group (NASDAQ:AMCN). Both companies disappointed, sending their shares lower in post- and pre-market trading.
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China stocks at extremes on Tuesday

China stocks at extremes on Tuesday May 4, 2010 (Chinavestor) The overbought / oversold indicator comes handy when stocks are trading at extremes - which is exactly the case for today. There aren't any overbought China stocks technic...
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China shares down on tightening concerns

China shares down on tightening concerns  May 4, 2010 (Chinavestor) Traders in Hong Kong took merit from a strong U.S. market but Shanghai continued to fell on reserve ratio concerns. The DJIA advanced +143.2 points or 1.3%, the biggest ...
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Oversold stocks bounce back on Monday

Oversold stocks bounce back on Monday May 3, 2010 (Chinavestor) While the overbought monitor is less dramatic, the oversold indicator makes up for it. ChinaCast Education (NASDAQ:CAST), Noah Education Holdings (NYSE:NED), Guangshen Rai...
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Shanghai closed, Hong Kong down in Asia on Monday

Shanghai closed, Hong Kong down in Asia on Monday May 3, 2010 (Chinavestor) The Shanghai Expo opened up this weekend and has attracted over 430,000 visitors over the weekend. The stock market was closed for the day on the Mainland. Traders in Hong K...
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