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.
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.
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.