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Technical correction drives China stocks on Tuesday

Technical correction drives China stocks on Tuesday

June 1, 2010 (Chinavestor) Markets are looking for direction on Tuesday as China's economy slows and Europe's debt crisis deepens - but U.S. economic data spurs optimism. Most of the Chinese stocks that have advanced in the morning trade on Tuesday were either oversold or had accumulated significant momentum in the past.

Stocks on the move by noon: eLong Inc. (NASDAQ:LONG), WSP Holdings (NYSE:WH), China BAK Battery (NASDAQ:CBAK), Sinovac (NASDAQ:SVA), Shanda Interactive (NASDAQ:SNDA) and (NASDAQ:BIDU) to the upside and Xinyuan Real Estate Co. (NYSE:XIN), Xinhua Sports & Ent. (NASDAQ:XSEL), Yanzhou Coal (NYSE:YZC), ReneSola Ltd. (NYSE:SOL), and LDK SOlar (NYSE:LDK) to the downside.

The overbought monitor this morning picked up the unusual uptick of eLong Inc. (NASDAQ:LONG) or the oversold position of Synutra International (NASDAQ:SYUT). China ADRs trading an a narrow range in May.

The June Newsletter talks about WSP Holdings (NYSE:WH), Sinovac (NASDAQ:SVA) besides (NASDAQ:BIDU) and Shanda Interactive (NASDAQ:SNDA). June 2010 Newsletter: China stocks sink to 2010 lows in May.

Shares of China BAK Battery (NASDAQ:CBAK) have advanced 9.4% by noon or 19.95% in the last five trading days, suggesting the stock is getting overbought. The company reported worse-than-expected financials for the first three months of 2010 on April 27, tumbling 10% for the day. Today's surge will certainly add selling pressure on CBAK's share price. CBAK down 10% on lower guidance, lackluster growth.

Shanda Interactive (NASDAQ:SNDA) is going to report first quarter financials after the close tonight. China's largest online game developer and operator. Analysts expect the company to deliver $.65/ADS for the current quarter, down from $.77 a year ago. For additional coverage, read Shanda Earnings Reports: Last Piece In Chinese Gamers Profit Puzzle.

Xinyuan Real Estate Co. (NYSE:XIN) fell the hardest among Chinese ADRs on Tuesday by noon, as China's real estate companies continued to suffer. Poly Real Estate (SHA:600048) fell -2.99% in Shanghai earlier the day while China Vanke (SHE:200002), the largest listed Chinese real estate developer, tumbled -3.91% as investors shunned property stocks. China stocks fall in Asia on growth concerns.

Xinhua Sports & Ent. (NASDAQ:XSEL) has liquidity issues after investors read into 2010 Q1 financials: XSEL dives 30% as earnings disappoint.

Yanzhou Coal (NYSE:YZC), ReneSola Ltd. (NYSE:SOL), and LDK Solar (NYSE:LDK) fell as the Euro hit 4 year lows against the dollar, sending energy, oil and coal prices tumbling.


JPMorgan Cautious On Chinese Equities

JPMorgan Cautious On Chinese Equities

June 4, 2010 (Chinavestor) The impact of Europe's sovereign debt crisis and fears of a tighter monetary policy may weigh on Chinese stocks, causing them to ''meander'' for several months around the prices they currently trade at, according to JPMorgan Chase (NYSE:JPM), the second-largest U.S. bank.

Jing Ulrich, chairwoman of China equities and commodities at JPMorgan (NYSE:JPM), said in a Bloomberg News interview that her firm remains cautious on both "A" and "H" shares because the global economic recovery has been called into question due to Europe's sovereign debt woes.

The Shanghai Composite fell almost 10% during May and the index is the third-worst performer among global bourses this year, trailing only Cyprus and Greece. Roughly 20% of Chinese find their way to Europe, making the market a key destination for Chinese-made products.

Chinese equities will only rally when government policy stabilizes and “uncertainties” removed, Ulrich told Bloomberg.

China Stock Earnings Calendar June 1-4

China Stock Earnings Calendar June 1-4

June 4, 2010 (Chinavestor) The following Chinese companies are scheduled to report financial results for the first quarter ended March 31, 2010 starting June 1.


China ADR Wrap May 24-28, 2010

China ADR Wrap May 24-28, 2010

May 29, 2010 (Chinavestor) – Chinese stocks enjoyed a solid week as concerns about Europe's sovereign debt crisis seem to abate a bit, at least until Friday when Spain endured a second cut to its credit rating. Oil prices gained solid footing for a couple of days, helping boost Chinese oil names such as Cnooc (NYSE:CEO), PetroChina (NYSE:PTR) and China Petroleum & Petrochemical (NYSE: SNP). However, Yanzhou Coal was the king of the large-cap energy and materials names adding 8% on the week.

The top gainer among Chinese ADRs on the week was Xinyuan Real Estate (NYSE:XIN), which soared 34%. Xinyuan Real Estate (NYSE:XIN) gained more than 12% on Friday after Rodman & Renshaw initiated coverage of the shares with a “market perform” rating. Xinyuan Real Estate (NYSE:XIN) sharply outperformed the Claymore/AlphaShares China Real Estate ETF (NYSE:TAO) which was flat on the week. China Housing & Land Development (Nasdaq:CHLN) was another strong real estate performer, adding 16% on the week.

Chinese agriculture names, which we reviewed on Wednesday, also caught a bid with Origin Agritech (Nasdaq:SEED) rocketing higher by almost 31%. The shares gained almost 20% after our piece highlighting the sector. AgFeed Industries (Nasdaq:FEED) gained almost 13% for the week. Agria (NYSE:GRO) was up nearly 27%, gaining about 20% after our piece on the sector.

American Dairy (NYSE:ADY) soared as small-caps came back into favor, at least temporarily, gaining almost 20%. Investors also appeared willing to roll the dice on gambling concern Melco Crown Entertainment (Nasdaq:MPEL), which added almost 17%. Semiconductor maker Spreadtrum Communications also added almost 17% despite a slow news flow. Volume was more than double the daily average on Friday. Information technology services provider Yucheng Technologies (Nasdaq:YTEC) added nearly 14%, also on slow news flow.

Solar names endured another tough week as investors found oil stocks to be far more appealing. Trina Solar (NYSE:TSL) and Yingli Green Energy (NYSE:YGE) lost 3.855 and 4.28%, respectively. Speaking of energy-related names, Huaneng Power International (NYSE:HNP), China's largest independent power producer, seemed on the cusp of getting a technical bounce, which didn't materialize until Friday, when the shares gained 1.62%. Huaneng Power International (NYSE:HNP) was still down 5.6% on the week. (Nasdaq:CYOU) showed there is still plenty of weakness in the online gaming sector, not good news ahead of next week's earnings updates from Shanda Games (Nasdaq:GAME) and Shanda Interactive (Nasdaq:SNDA). (Nasdaq:CYOU) dropped 4.7% for the week.

Speaking of earnings, China Nepstar Chain Drugstore (NYSE:NPD) is still being held back by the disappointing earnings report the company delivered last week. The stock shed almost 10% this week.

Oil services provider WSP Holdings (NYSE:WH) didn't participate in the oil rally, losing almost 8% after reporting less-than-inspiring earnings coupled with a tepid outlook. AirMedia Group (Nasdaq:AMCN), the digital TV network operator, was a suspicious decliner, losing 10.6% with no headlines to explain the decline.

China Medical Technologies (Nasdaq:CMED) slumped almost 6%, not an encouraging sign given that the medical device maker reports earnings on June 4. Following the week's drop, China Medical Technologies (Nasdaq:CMED), now yields almost 5%. China Architectural Engineering (Nasdaq:CAEI) and Syntura International (NYSE:SYUT) round out the biggest losers, shedding 5% and 4.5%, respectively.

Looking forward, China will release purchasing managers report in the first week of June and Premier Wen Jiabao will meet his Japanese counterpart in a high profile talk later the week.

China ADR Wrap May 28, 2010

China ADR Wrap May 28, 2010

May 28, 2010 (Chinavestor) – A rally in select Chinese large-caps was not enough to lift the broader market higher as the Hang Seng added 1.7% on Friday, but the Shanghai Composite fell 0.2%. U.S. stocks finished the week selling-off after Spain received a second-downgrade to its credit. That sent the Dow Jones Industrial Average to another triple-digit loss.

The losses weighed on China-specific ETFs with the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) losing just under 1%. The PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) and the Claymore/AlphaShares China Small-Cap ETF both lost more than 1%.

A decline in oil prices after a two-day rally weighed on Cnooc (NYSE:CEO), PetroChina (NYSE:PTR) and Sinopec Shanghai Petrochemical (NYSE:SHI). All traded lower on Friday, but Yanzhou Coal (NYSE:YZC) continued to be a stalwart among materials names adding another 2.81% today on volume that was better than twice the daily average. Yanzhou Coal (NYSE:YZC) was up almost 8% this week.

Huaneng Power International (NYSE:HNP), China's largest independent power producer, traded higher by 1.62% today. The shares had been looking oversold and due for a technical bounce, so momentum traders may want to continue to watch Huaneng Power International (NYSE:HNP).

Internet giants (Nasdaq:CTRP) and Baidu (Nasdaq:BIDU) were both dragged down by the Nasdaq. JA Solar Solar tumbled almost 6% as oil prices wilted. Small-caps such as AgFeed Industries (Nasdaq:FEED) had limited opportunity to move higher on Friday as risk appetite was shelved for the day. AgFeed Industries (Nasdaq:FEED) lost 3.51%.

China Real Estate (Nasdaq:CRIC) lost almost 4% after news broke that some analysts don't expect Chinese real estate stocks to recover until later this year. Healthcare names didn't provide much shelter from the storm with Chindex International (Nasdaq:CHDX) and China Biotics (Nasdaq:CHBT) losing 7% and 4.5%, respectively.

There was plenty of weakness in tech names with China Information Security Technology (Nasdaq:CPBY) and Vance Information Technology (NYSE:VIT) losing 4.7% and 5.34%, respectively.

Of course there were winners with Origin Agritech (Nasdaq:SEED) attracting some bargain hunters to a sector that has been oversold. WSP Holdings (NYSE:WH) rebounded almost 11% after being hammered due to a disappointing earnings report earlier this week. Melco Crown Entertainment (Nasdaq:MPEL) added another 7% on Friday. The stock is in rally mode, adding close to 15% this week.

Xinyuan Real Estate (NYSE:XIN) was a bright spot in the real estate sector adding 12% after Rodman & Renshaw initiated coverage of the shares with a “market outperform” rating. China BAK Battery (Nasdaq:CBAK) gained 6% on volume that was nearly 50% above the daily average. Acorn International (NYSE:ATV) was the reverse situation, gaining more than 3% on suspiciously light volume. Gushan Environmental Energy (NYSE: GU) gained 5% on no news and volume that was about a third of the daily average.

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