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China stock market summary April 1, 2010

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advance5 April 1, 2010 (Chinavestor) Shares of Chinese companies advanced all over the board on Thursday. Asian indices got a lift from strong Chinese manufacturing data, improving purchasing managers' index, and improved outlook for Asian stocks from Goldman and JPMorgan & Chase. Better than expected U.S. jobs data was the icing on the cake. The slew of good news helped lift Chinese stocks leaving only the fundamentally disappointing ones behind.

Advance of large cap stocks was supported by strong money flows in Asia. Each and every component of the iShares FTSE/Xinhua 25 Index (NYSE:FXI) advanced on Thursday. The rally was universal in Shanghai, too. All but two components of the SSE-50 Index, comprised of the 50 largest Shanghai listed China stocks, advanced. While the advances of the DJIA wasn't breathtaking, the index gained +70.44 points or +0.6%, only four out of the thirty stocks making up the index fell while twenty six advanced.  

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Chinese stocks listed in America had a more balanced market day with 50% of them gaining while the other half fell. It wasn't all rosy for China GrenTech (NASDAQ:GRRF) investors as 2009 earnings rolled in. Shares of the company plunged -23% right at the open and couldn't recover an inch throughout the trading day. GRRF 2009 Q4 send shares off the cliff.

Another disappointing company for the day was Rino International (NASDAQ:RINO), a heavily traded, liquid Chinese blue chip. Rino's 2009 numbers weren't so bad in my understanding but it lowered revenue outlook that hurt the most. The Company issued FY 2010 revenue outlook of $225 million vs. consensus estimate of $248 million. Rino plunges on high expectations.

Shares of A-Power Energy (NASDAQ:APWR) fell another -7.47% by the end of the day. The oversold indicator picked up unusual plunge of the stock from yesterday, but we were of a view that additional downside is possible. China stock watch list for Thursday, April 1.

Big movers to the upside start with Fushi Copperweld (NASDAQ:FSIN). Shares of the company advanced with heavy volume, a good sign - but considering that we've seen the same thing on March 10 yet the stock failed to gain traction - today's rally might not be a beginning of a longer term uptrend. Fushi Copper report record profit, strong sales - but guides lower.

The advance of Longtop Financial Technologies (NYSE:LFT) is remarkable and makes investors think if this is a beginning of a broader rally. The stock had advanced three days in a row with heavy underlying volume.

E-House Holdings (NYSE:EJ) got a lift from strong economic news in Asia. Chances are slim that a property bubble will burst anytime soon- expect EJ continue to outperform. Banner year for EJ with cash dividend.



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