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China stock market summary April 16, 2010

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decline_6 April 16, 2010 (Chinavestor) Chinese stocks ended the day as financials stocks weighted down U.S. indices following federal charges at Goldman Sachs. Large and small cap stocks fell universally, the NYSE:FXI and the NYSE:HAO, two different Chinese ETFs tracking large and small cap indices, ended the day in the red.

Chinese indices tumbled in Asia earlier today both in Hong Kong and in Shanghai. Investors took defensive positions after a strong GDP growth prompted tightening measures, aimed at the real estate sector, especially. China stocks down in Asia on tightening fears.

Chinese economic growth surpassed that of the estimate - property prices rose well above expected. More coverage at : Chinese vital statistics for March 2010.

Some of he bright spots included China Unicom (NYSE:CHU), AsiaInfo Holdings (NASDAQ:ASIA) and Shanda Interactive (NASDAQ:SNDA). But most China plays fell as the following chart testifies.

top_2010416_etf

Baidu.com (NASDAQ:BIDU) fell the most in dollar terms- surrendering all of the gains from the prior day. Weakness of China's largest search engine company came as no surprise after Google (NASDAQ:GOOD) fell on not good enough earnings.

China's oil triumvirate fell price of the crude tumbled -3% on Friday. Energy companies suffered, Yanzhou Coal (NYSE:YZC) tumbled -5.75% while solar stocks surrendered most of the gains from earlier the week.

China Telecom (NYSE:CHA) was the worst performing China telecom stock while China Unicom (NYSE:CHU) advanced. This may be a beginning of a sector rotation - see related article here: Rotation within the Chinese telecom sector.

top_2010416_dollarchart

Shanda Interactive (NASDAQ:SNDA) has been enjoying a sector rotations at the expense of Perfect World (NASDAQ:PWRD) and NetEase.com (NASDAQ:NTES). Shanda became soft after 2009 Q4 numbers - revenues increased but net income fell - while NetEase.com (NASDAQ:NTES) reported net income and revenue growth. But now Shanda (NASDAQ:SNDA) is playing a catch up with the industry leader.

SNDA_2009_Q4_revenue_earnings

NTES_2009_Q4_revenue_earnings



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