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China stock market summary March 18, 2010

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decline1 March 18, 2010 (Chinavestor) The DJIA ended up for the eight days in a row, setting a positive tone for China stock investors. Yet large cap China stocks underperformed and ended the day in the red. Small cap China stocks were mixed, measured by the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO), ending the day higher.

Shares of China Biotics (NASDAQ:CHBT) advanced +13% with heavy underlying volume. City Telecom (NASDAQ:CTEL) was an oversold China play that was ready to turn around. Today's rally of +6.4% is a third straight up day in a row suggesting the company bottomed out earlier at $11 a share. Chinese airliners advanced on falling oil- as was expected after a strong showing in Asia this morning. Shares of American Dairy (NYSE:ADY) bottomed out at $20 and is not oversold anymore. More upside is on the road ahead...

Solar stocks underperformed today as price of oil subsided. Trina Solar placed 7,900,000 ADRs diluting the value for her shareholder base. AirMedia Group (NASDAQ:AMCN) fell -6.7% today making it the six day in a row. The stock isn't oversold yet, more downside is possible. Most of the gains following strong financial results evaporated for Global Sources (NASDAQ:GSOL) in two days. Shares of the company fell -4.0% making investors wonder where the stock is going to go from here. Shares of China Infrastructure Development (NASDAQ:CIIC) shed -3.9% by the end of the day. Low volume suggests more downside is possible for this small cap China stock.

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