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China stock market summary March 24, 2010

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economy2 March 24, 2010 (Chinavestor) The afternoon session came with some important developments: Fuqi International (NASDAQ:FUQI) gave back most of its morning gains in a typical dead cat bounce fashion. Solar plays surrendered early morning gains as the dollar strengthened sending price of oil lower. Portugal, Greece and possible Spain are putting pressure on the EURO. Oil companies Petrochina (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO) felt the pinch, each shedding -$1.69 and -$1.46, respectively. Asia's largest refiner, Sinopec (NYSE:SNP), declined $-.73 on softer oil. Shares of Huaneng Power (NYSE:HNP) continued to suffer.

Trading of internet companies was mixed. Shares of Baidu.com (NASDAQ:BIDU) closed above the $600 mark for the first time but shares of Sohu.com (NASDAQ:SOHU) and NetEase.com Inc. (NASDAQ:NTES) fell. Sharers of Shanda Interactive (NASDAQ:SNDA) advanced +$1.02 as investors rotated out of NetEase.com and possibly Perfect World (NASDAQ:PWRD).

Real estate related E-House Holdings (NYSE:EJ) and Home Inns & Hotel Management (NASDAQ:HMIN) advanced +2.34% and  +3.49%, respectively.

Airliners continued to suffer but are not oversold, suggesting the correction mat last from some time. Shares of China Automotive Systems (NASDAQ:CAAS) advanced $1.02 or 4.82% ahead of earnings release tomorrow morning.

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China Unicom (NYSE:CHU) reported worse-than-expected 2009 fourth quarter results, prompting a sell-off. Shares of the company fell -5.09%. China Unicom 2009 financials disappoint.

China Mobile (NYSE:CHL) opened the 2009 Q4 earnings season for telecoms followed by China Telecom (NYSE:CHA) two days ago. For a comprehensive analysis, read: China Telecom industry in 2009.

China's oil triumvirate is going to report 2009 full-year financial reports next. For a timeline of events, read :China stock earnings calendar March 22-26, 2010.

Shares of NetEase.com Inc. (NASDAQ:NTES) fell for the fourth day in a row, this time under increasing volume. But shares of Shanda Interactive (NYSE:SNDA) advanced +2.51%, narrowing the gap that opened following 2009 Q4 earnings. Related Google finance chart is here. NetEase.com Inc. (NASDAQ:NTES) reported revenue and earnings growth while Shanda's net profit fell. The Street reacted by rotating money out of SNDA into NTES. But with a gap that wide, see chart referral above, Shanda is going back on valuation.

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Shares of Huaneng Power International (NYSE:HNP) for the fifth day in a row despite strong 2009 financial results. Part of the problem is that as more power plans come on-stream in 2010, plant utilization is hurt, pressing margins lower for all power generators. Huaneng Power back to profit, softer outlook.

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China Transinfo Technology (NASDAQ:CTFO) continued to show weakness after 2009 Q4 earnings. Shares of the company fell -7.2%, making it the worst performer for today among China stocks listed in American soil. CTFO give up morning gains by the close.

Shares of Gushan Environmental Energy (NYSE:GU) advanced albeit with low volume, suggesting the rally is about to get exhausted.



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