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China stock market summary, March 22, 2010

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money_4 March 22, 2010 (Chinavestor) Small cap Chinese stocks took advantage of the health care and commodity drive market rally on Monday. While the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) advanced a minuscule +0.07% for the day small cap driven ETF, Claymore/AlphaShares China Small Cap (NYSE:HAO), shrugged off soft opening and ended the day +0.92% higher.

NYSE listed China Eastern Airlines (NYSE:CEA) advanced +7.7% after strong showing in Hong Kong earlier the day. Shares of Melco Crown Entertainment (NASDAQ:MPEL) have been trying to break through the five dollar resistance level since March. Focus Media Holdings (NASDAQ:FMCN) has been volatile since March 17 following earnings announcement, today's +5.16% rally may be an indication of additional upside.

Two Chinese ADRs reported earnings today: China Telecom (NYSE:CHA) revenues grew but net income is hurt on new customer acquisition and network development related costs. China TransInfo Technology Corp. (NASDAQ:CTFO) reported record revenue and earnings growth but guided lower.

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Details: Shares of China Eastern Airlines (NYSE:CEA) rose ten times out of the last twelve trading sessions making investors wonder where the ceiling might be. Chinese airliners have been on fire in 2010 as many analysts point out that the worst is over for the industry. Shares of CEA are probably overbought- will have to run that monitor next morning to confirm the assumption.

Melco Crown Entertainment (NASDAQ:MPEL) is looking good from a technical point of view. Shares of the company were far from overbought this morning and with a +7.5% advance today, more upside looks possible.

Focus Media Holdings (NASDAQ:FMCN) gaped up +8.9% last Wednesday as earnings rolled out but failed to gain traction and has been trading sideways until today. With a +5.2% on its back, the stock doesn't seem to be overstretched at this time. Focus Media rattles nerves with Q4 numbers.

China Telecom (NYSE:CHA), the largest Chinese fixed line carrier with a successful inroad into the mobile arena, reported 2009 full year numbers today. Revenues and earnings grew from 2008 - but that's due to very low base in 2008. To get a better understanding of the situation, we broke down 2009 into to six months periods. This analysis reveals that revenues continue to grow but net income fell on higher 3G subscriber acquisition costs. China Telecom 2009 H2 revenue increase but net income shrinks.

China Unicom (NYSE:CHU), the second largest Chinese mobile carrier after China Mobile (NYSE:CHL), is going to report 2009 full year numbers later this week. China stock earnings calendar March 22-26.

While impressive, earnings of China TransInfo Technology Corp. (NASDAQ:CTFO) failed to keep the stock price higher for this Chinese small cap play. All of the gains have evaporated by the close but we're of a view that value investors should look seriously into this company. CTFO give up morning gains by the close.

Shares with the steepest fall include Yucheng Technologies (NASDAQ:YTEC), China Fire & Security Group (NASDAQ:CFSG) and China Green Agriculture (NYSE:CGA). For additional coverage, read Risk increases for CFSG as earnings disappoint but earnings sweeten.

 



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