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Movers and shakers: China stock lunch break March 22, 2010

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stock_2 March 22, 2010 (Chinavestor) Some big movers from the China stock universe today three hours before the closing bell: China Technology Development Group Corp (NASDAQ:CTDC) is up 6.91%  followed by City Telecom (NASDAQ:CTEL). China Airlines (NYSE:CEA) shines in NYSE after a strong showing in HK earlier today. HQ Sustainable Maritime Industries (AMEX:HQS) was one of the most oversold China stocks this morning, current strength should not come as a surprise. Meclo Crown Entertainment (NASDAQ:MPEL) gives another try to the $5 range. Stock on the negative include Yucheng Technologies (NASDAQ:YTEC) and China Fire & Security Group (NASDAQ:CFSG).

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While strength of China Technology Development Group Corp (NASDAQ:CTDC) is a surprise, low underlying volume suggests the rally is not fully supported. So investor be aware!

City Telecom (NASDAQ:CTEL) is something else. The stock rallied 20% last Friday and when we highlighted this morning that the stock is overbought, it just added another +6.8% by 1:00 P.M. today. But be careful, the stock is up 5 days in a row clearing 34.7%!!! - it will need to take a breather SOON!

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Shares of China Eastern Airline (NYSE:CEA) has been volatile lately for three reasons. For one, China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH) got significant cash infusion from their state owned parents in 2010 to shore up their balance sheets. The other positive development is that CEA is expected to grab 50% of all new routes opening up as the summer holiday season starts, thanks to a completion of the new terminal in the largest airport in Shanghai. And for three, the World Expo 2010 is opening in May, bringing in tens of millions of visitors all over the world to Shanghai, a hub where CEA controls over 50% of the skies via her main hub in the city.

Dead cat bounce is the right term when it comes to shares of HQ Sustainable Maritime Ind. (AMEX:HQS). We wrote this very morning that "It looks to us that most of the action is going to take place on the oversold end of the China stock universe on Monday. FUQI International (NASDAQ:FUQI) and HQ Sustainable Maritime (AMEX:HQS) are screaming off the oversold chart below." (CTEL and other overbought - oversold CHina stocks).  Shares of the company got beat up following disastrous 2009 Q4 financials, latest rally is not that convincing.

China Fire & Security Group (NASDAQ:CFSG) is still looking for a direction following 2009 financial reports. Shares of the company fell off the cliff on March 16 but recovered just to see them heading south again. Risk increases for CFSG as earnings disappoints but outlook sweetens.

 



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