April 7, 2010 (Chinavestor) Shares of Chinese companies tumbled along major American indices as Greece's ills continued to sour the market. Pull back was universal, small caps suffering a little more then their larger cap counterparts. The only bright spot of the day was the solar sector: most solar stocks advanced just as did China's only pure oil producer, CNOOC Ltd. (NYSECEO).
The PowerShares Gld Drg Haltr USX China(ETF) (NYSEPGJ), a proxy for American companies conducting business in China, fell -0.6% by the close, in line with the iShares FTSE/Xinhua China 25 Index (ETF) (NYSE:FXI). Small cap proxy Claymore/AlphaShares China Small Cap ETF (NYSE:HAO) fell twice as much.
Chinese solar stock outperformed, larger cap Suntech Power (NYSE:STP) and Trina Solar (NYSE:TSL) advancing $.89 and $.88, respectively. Big percentage movers from the solar sector include JA Solar (NASDAQ:JASO) with a 9.7% advance followed closely by Solarfun Power Holdings (NASDAQ:SOLF) and China Sunergy (NASDAQ:CSUN).
Big downside movers of the day, measured by $ change, include Sinopec (NYSE:SNP), Petrochina (NYSE:PTR), Baidu.com (NASDAQ:BIDU), China Telecom (NYSE:CHA) and China Life Insurance (NYSE:LFC).
Big percentage point losers are smaller cap stocks like 3SBio Inc. (NASDAQ:SSRX), China Information Security Tech, Inc.(NASDAQ:CPBY) and Xinhua Sports (NASDAQ:XSEL), besides larger Semiconductor Manufacturing Int. (NYSE:SMI).
Oversold Perfect World (NASDAQ:PWRD) bounced back up, as suggested in the overbought / oversold report this morning: Overbought stocks watch list for Wednesday.
The same report suggested that China Telecom (NYSE:CHA), Sinopec (NYSE:SNP), and China Information Security Tech, Inc.(NASDAQ:CPBY) are overbought and might take a break. We wrote this morning that "Downside risk exceed upside potential for China Telecom (NYSE:CHA) and China Petroleum & Chemical Corp. (NYSE:SNP)"
Semiconductor Manufacturing Int. (NYSE:SMI) has been on fire since the ousting of its Chairman exactly one year ago. Shares of the company advanced +229% since April 2009...
CNOOC Ltd. (NYSE:CEO), China's off-shore specialist with no refining capacity of its own, advanced +$5.13, by far the most among U.S. listed China ADRs today. The company reported lackluster 2009 financials on weak oil prices but is expected to do well in 2010 as oil hovers over $80 / barrel. Lower oil price dents into net 2009 for CNOOC.
Chinese solar stocks outperformed on strong oil price, industry leaders Suntech Power (NYSE:STP) and Trina Solar (NYSE:TSL) taking the lead. Four Chinese solar makers reported revenue and net income growth for 2009 Q4 - see who's who in the field: Complete 2009 Q4 China solar stocks guide.