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China stock market summary March 25, 2010

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cash1 March 25, 2010 (Chinavestor) The rise of the dollar stole the show for the day. The strong dollar pushed equity markets lower plus softened oil, energy and commodity prices all at the same time. Most of todays' big price movers were effected by the currency. Here is how.

Petrochina Co. Ltd. (NYSE:PTR) reported 2009 financials in-line with expectations earlier today. The largest Chinese oil producer trailed oil prices lower for the day. Petrochina 2009 net down on lower oil price. Soft oil prices hurt Sinopec (NYSE:SNP), Asia's largest refiner, and CNOOC Ltd. (NYSE:CEO), China's off-shore oil specialist.

Weak commodity prices sent shares of Aluminum Corp. of China (NYSE:ACH) lower for the day.

Home Inns & Hotel Management (NASADAQ:HMIN), NetEase.com Inc. (NASDAQ:NTES), and China Life Insurance (NYSE:LFC) were other notable losers of the day.

But cheaper oil helped Chinese airliners to regain some of their former mojo. Shares of China Eastern Airline (NYSE:CEA) fell -5.9% on Wednesday but jumped back up +4.6% today. Besides the price of oil, the simple largest coast factor for airliners, the possible yuan revaluation and the opening of a new terminal before the 2010 World Expo in Shanghai are factors adding to the volatility of the stock. Shares of China Southern Airlines (NYSE:ZNH) advanced +0.9%.

 

A rotation within the online game sector continued. Investors rotated out of former favorite NetEase.com (NASDAQ:NTES) into Shanda Interactive (NASDAQ:SNDA).

 

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Baidu.com (NASDAQ:BIDU) broke a 5 day winning streak while City Telecom (NASDAQ:CTEL) ended a seven day +40% advance record on Thursday. CTEL was overbought all this week, but shares of BIDU fell on overall market concern not as much on technicals.

Home Inns & Hotel Management (NASDAQ:HMIN) shed $-1.70 or -4.99% to $32.35 on Thursday. Shares of the company broke a five say winning streak with no indication where the stock is going to be a week from today. Don't be goofed by Q4 results: Home Inns remains undervalued.

 



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