April 8, 2010 (Chinavestor) The market shrugged off worries about Greece and took merit from better than expected retail sales. Chinese indices returned to the black in the afternoon, small cap stocks outperforming larger counterparts. Big movers in dollar term include Baidu.com (NASDAQ:BIDU) but large cap China Mobile (NYSE:CHL) and Petrochina (NYSE:PTR) did well, too. Chinese airliners advanced ahead of Timothy F. Geithner's visit in Beijing. Small cap FUQI International (NASDAQ:FUQI) advanced $.86 or 7.70% following a statement from the CEO if the company.
There hasn't been much change in the order of the best and worst performing Chinese stocks measured in % change since noon - so I just link in the article that was posted at 1:00 P.M. today. China stocks at lunch, April 8, 2010.
Baidu.com (NASDAQ:BIDU) advanced the most, measured in dollar change, with a steady rise of +$2.11 by the close. The company seems to be able to hold on to previous gains and is stabilizing above the $600 mark. Shares of the company are not overbought easing selling pressure off the company.
Petrochina (NYSE:PTR), the largest Chinese oil producer, gained +$1.17 while China Mobile (NYSE:CHL), the largest mobile carrier in the world, advanced +$1.61. Both companies look good from a technical point of view at this point.
FUQI International (NASDAQ:FUQI) became immediately oversold following a -40% plunge earlier in March. The company had to restate 2009 earnings and to postpone 2009 Q4 numbers. We were of a view that the -40% plunge is not justified based on the magnitude of the restatement. Don't panic FUQI investor! - we wrote.
China Automotive Systems (NASDAQ:CAAS) reported a blockbuster 2009 fourth quarter sending shares higher, but investors started to shun the stock after the initial surge. We wrote on March 25 after the financial report became public that "But China Automotive Systems (NASDAQ:CAAS) is going to slow down according to latest figures. The company issued a forward looking statement saying it expects total revenues to increase +20% in 2010, a significant change from +56.6% YoY growth in the 2008-2009 period." CAAS beats 2009 Q4 estimates.
City Telecom (NASDAQ:CTEL) fell over -8% early morning but made it back to a less severe -5.72% loss. With a +410% advance on its back YTD, a correction of that magnitude is well taken.