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China stock market summary, Friday 1:00 P.M.

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economy_5 March 12, 2010 (Chinavestor) Shares of Chinese companies are trading relatively balanced with a negative bias today. Shares of Baidu.com (NASDAQ:BIDU) continued to rise by 1:00 P.M. getting comfortable above $550 a share. Online game heavy weights outperform with industry leader NetEase.com Inc. (NASDAQ:NTES) is taking the lead.

But Chinese oil companies suffer as price of the crude retreated from $82.5 a barrel to under $81.00 since Thursday. Shares of CNOOC Ltd. (NYSE:CEO), China's off-shored oil specialist and  and Petrochina (NYSE:PTR), the largest Chinese oil producer, took a hit on Friday. Weak earnings continue to hurt WuXi Pharmatech (NYSE:WX). Shares of UTStarcom (NASDAQ:UTSI) are trading sideways but selling pressure is building as a result of weak earnings yesterday.

The good news is that shares of Baidu.com (NASDAQ:BIDU) are not overbought despite a long stretched rally. The stock is trading at all time highs making investors wonder how long the rally is going to last. We predicted that BIDU will break through the $550 mark but will have to take a break before resuming the climb. Baidu makes it to $550.

Trina Solar (NASDAQ:TSL) is gaining momentum as investors get increased visibility into the sector. With all but one Chinese solar makers reported 2009 Q4 and full year financials, investors have high level of confidence picking the best performing ones. Based on our analysis JA Solar (NASDAQ:JASO), Canadian Solar (NASDAQ:CSIQ) and Suntech Power (NYSE:STP) are the best besides Trina Solar (NYSE:TSL). Complete 2009 Q4 China solar stock guide.

Online game developers and operators are looking good as well. Shares of NetEase.com Inc. (NASDAQ:NTES) and Shanda Interactive (NASDAQ:SNDA) continue to shine as investors regain confidence into the sector. NetEase.com Q4 profit increase. More than facts.

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Lower oil price took a toll on Chinese oil producers, CNOOC Ltd. (NYSE:CEO) and Petrochina (NYSE:PTR). Nevertheless these companies have been outperforming the broad market in the last 5 years as China's quest for oil increases. CNOOC Ltd. (NASDAQ:CEO) reported low double digit oil production growth in 2009 Q3, something that popped the eye of many investors. Petrochina (NYSE:PTR) is controlling ageing fields in China and is looking for acquisitions abroad to increase production.

Shares of WuXi Pharmatech (NYSE:WX) fell -4.00% by 1:00P.M. and are down five days in a row following worse than expected earnings. While we pointed out this morning in the overbought/oversold report that further weakness is highly likely, shares of the company are getting oversold, suggesting a technical bounce back up is possible on Monday.

Weak earnings hurt Acorn International (NYSE:ATV), sending her shares down over -16.8%. The company reported much below expectations prompting the resignation of the CFO. Related story: Five reasons to shun ATV after '09 Q4.

UTStarcom (NASDAQ:UTSI) released earnings after the close on Thursday and the stock has been trading sideways since. But we're of a view that shares of UTStarcom are up for trouble. UTStarcom 2009 Q4 - not investment grade.



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