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China stock market summary March 23, 2010

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advance5 March 23, 2010 (Chinavestor) U.S. equity markets gained confidence on improved existing home sales. New home sales numbers are going to be released tomorrow, giving investors a better visibility into the recovery of the housing market. Smaller cap Chinese stocks took advantage of the market resurgence, solar plays advanced on strong oil while internet giant Baidu.com (NASDAQ:BIDU) touched above $600 a share before retreating to $594.88. Shares of Canadian Solar (NASDAQ:CSIQ) advanced +5.5% followed by a similar advance by LDK Solar (NYSE:LDK). Shares of smaller Solarfun Power Holdings (NASDAQ:SOLF) advanced 5.4%. Shares of CNinsure Inc. (NASDAQ:CISG) rose 6.4% with volume three times above average. Oversold Jinpan International (NASDAQ:JST) took off in the afternoon ending the day +5.7% higher. Shares of Rino International (NASDAQ:RINO) have recovered from Monday lows advancing 5.6% on Tuesday.

Earnings propelled shares of China Telecom (NYSE:CHA) while investors snapped up shares of China Automotive Systems (NASDAQ:CAAS) before earnings announcement later this month. Shares of City Telecom (HK) (NASDAQ:CTEL) continued to advance, sixth day in a row...

Stocks on the negative include China Transfinfo (NASDAQ:CTFO), a stock hit by weak earnings. Chinese airliners fell on strong oil and lowered expectations of a yuan appreciation as China is facing a monthly trade deficit for the fist time in six years. Shares of Sina Corp. (NASDAQ:SINA), one of the largest Chinese online portals, fell for the fifth day in a row shedding -2.8% on Tuesday. Shares of the company gave up most of the gains it recorded after 2009 earnings binge. 

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Most Chinese solar companies gained, led by large cap Trina Solar (NYSE:TSL), as price of oil settled above $82 a barrel. Conventional wisdom holds Chinese solar companies make money when price of oil is above $60 a barrel.  Four out of eight Chinese solar makers reported 2009 Q4 revenue and net income growth, Trina Solar (NYSE:TSL) included. The sector is fundamentally solid and are trading at attractive valuations. Complete 2009 Q4 China solar stock guide.

When industry leaders gain, smaller players follow. Strength of Solarfun Power (NASDAQ:SOLF) and Canadian Solar (NASDAQ:CSIQ) are driven by impressive revenue increase in the last quarter.

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Shares of Jinpan International (NASDAQ:JST) advanced +5.70% on Tuesday, bouncing back off previous lows. Shares of the company still trade -12.8% lower compared to share price before earnings release on March 15 before the bell. Chinavestor's oversold report picked up JST as one of the most oversold China stocks this morning, JST was the second most oversold stocks according to the article today: China stocks to watch on March 23, 2010.

Highly volatile and liquid Rino International (NASDAQ:RINO) advanced +5.59% on Tuesday bouncing back of previous lows. The company is going to release earnings in April, suggesting current strength is a run up before the release of 2009 Q4 financials.  The company had a $52 million backlog of orders at the beginning of the fourth quarter suggesting another blockbuster period is laying ahead.

Shares of Sina Corp. (NASDAQ:SINA) gave back another -2.8% on Tuesday. Shares of the company are back to pre-earnings announcement level, making it attractive for value buyers.

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Internet giant Baidu.com (NASDAQ:BIDU) closed below $600 a share but has already bypassed $500 earlier the month as Google is retreating from China. Shares of Baidu.com (NASDAQ:BIDU) were not overbought this morning but may be stretching too thin with current advance. Please come back and check the overbought monitor tomorrow morning for technical details. Baidu makes it to $550.

China Transinfo Technolgy (NASDAQ:CTFO) gave up another -6.4% after failing to gain traction yesterday. The company reported earnings that impressed investors at first but eroded all the gains by the end of the day. CTFO give up morning gains by the close.

Shares of Huaneng Power (NYSE:HNP), the largest Chinese independent power producer, fell -1.08% despite record revenues and strong earnings growth. Softness is due to uncertain outlook as energy - coal - prices are expected to rise. Huaneng Power back to profit, softer outlook.

Shares of China Telecom (NYSE:CHA) continued to advance after earning release a day before. China Unicom (NYSE:CHU) is going to report later this week competing the list of 2009 earnings for the three largest Chinese telecoms. China Mobile (NYSE:CHL) reported earlier this week record revenues and profits. For a complete industry analysis, visit Industry Watch/Telecom Sector tab.

Shares of China Automotive Systems (NASDAQ:CAAS) advanced +4.85% bouncing back above the $20 level again. Shares of the company have been volatile and expect that to remain until earnings release later this month.



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