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Large cap China stocks pare losses by noon

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oil3 March 31, 2010 (Chinavestor) Large cap China stocks, led by index heavy weight Petrochina (NYSEPTR), continue to outperform smaller counterparts. The iShares FTSE/Xinhua China 25 Index (NYSE:FXI) is back in the black by noon today while the PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) and the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO) remain in negative territory. Significant percentage movers include UTStarcom (NASDAQ:UTSI), a stock that's been adding more to yesterday's big gains. China Digital TV Holdings (NYSE:STV) and Focus Media (NASDAQ:FMCN) are big movers as well. Online gamer Changyou.com (NASDAQ:CYOU) have moved away from the bottom and advanced +2.7% with more possible upside. Shares of Yanzhou Coal (NYSE:YZC) remain on fire as price of coal firms up.

Stocks on the negative include Tiens Biotech Group (USA), Inc (AMEX:TBV) - though most of the decline is artificially inflated by a huge uptick right at the close on Tuesday. A-Power Energy Generation System (NASDAQ:APWR) fell over 10% on lower top line guidance while WSP Holdings (NYSE:WH) continues to suffer from disastrous 2009 financials. In contrast to WH's results on Tuesday, ChinaCast Education (NASDAQ:CAST) surprised to the upside but all of the gains from yesterday have evaporated by lunch break on Wednesday. A healthy correction is taking place with the shares of Semiconductor Manufacturing Int'. (NYSE:SMI) after a double digit gains a day before.

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UTStarcom (NASDAQ:UTSI) jumped another +6.9% following a +11.7% rally the day before. Both advances have been well supported with significant increase in share volume. But watch out, UTSI is getting overbought. For the latest technical reading - before the Bell today - visit The number of overbought China stocks is on the rise.

Volatile China Digital TV Holdings (NYSE:STV) ended a seven day losing streak, today's break out is more of a technical correction than a well supported rally.

Shares of Yanhou Coal (NYSE:YZC) remain on fire as price of coal is on the rise in China. "As a matter of fact, coal price advanced +0.7% on Tuesday compared to last week, according to the China Coal Transport & Distribution Association. Another positive development for miners is that a severe drought in the south of the country has cut hydropower generation increasing the demand from coal- fired power units." we wrote just yesterday China stocks watch list for Tuesday, March 30.

Petrochina (NYSE:PTR), the largest Chinese oil producer,  has been on the rise as the rest of the Chinese oil majors reported 2009 financials. Sinopec (NYSE:SNP) reported strong profit growth as refining margins improved thanks to lower oil prices for 2009 but CNOOC Ltd. (NYSE:CEO), a pure offshore oil producer, reported a net income fall of -33.4% from last year. Lower oil price dents into net 2009 for CNOOC.

Shares of Changyou.com (NASDAQ:CYOU) were oversold not too long ago and thus current technical correction is well taken. We just wrote on Friday that "Changyou.com (NASDAQ:CYOU) don't get oversold too fast and don't stay there for too long either." China stock watch list for Friday.

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Stocks with the steepest fall include small cap, not too liquid Tiens Biotech Group (USA), Inc (AMEX:TBV). While the fall of -11.2% draws attention, most of it is attributed to a one large trade right at the close on Tuesday that artificially lifted the stock price. Today's correction is just a step in the right direction.

Shares of A-Power Energy Generation System (NASDAQ:APWR) fell -10.5% by noon following a lowered top and bottom line guidance. The company issued a statement where it expects net revenues to be around $380 million and net income of $45 million in 2010, less than previous analyst estimates of $605 million and net income of $47 million.

Shares of WSP Holdings (NYSE:WH) continue to fall following worse than expected 2009 Q4 and full year financial report yesterday. Revenues and net income fell, or rather net loss widened... While liquidity issues are not imminent, the company has to turn things around else it will run out of cash. WSP plunges as 2009 Q4 net loss widens.

ChinaCast Education (NASDAQ:CAST) reported better than expected financials on Tuesday and was rewarded by a huge uptick right at the open. But most of those gains evaporated by the end of the trading day and the stock is back to square one after a -4.6% fall so far today. Most of the uncertainty is about the acquisition of the third university ChinaCast is about to complete. But when it's all said and done, CAST may surprise investors to the upside... ChinaCast Education 2009 Q4 surprise.



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