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China stocks on the move by noon, April 22, 2010

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economy_5 April 22, 2010 (Chinavestor) Chinese stocks continued to fall on Thursday - but earnings made a difference for a selected few. The retreat is universal, small and large cap stocks trail U.S. equities lower. Sinopec Shanghai Petrochemical Co. (NYSE:SHI) advanced +4.97% by noon on strong 2009 earnings. Lower oil price in 2009 meant higher margins for the largest Chinese ethylene maker whose H-shares advanced in Hong Kong earlier the day. Shares of China Eastern Airlines (NYSE:CEA) continued to fly, the stock is up 17% since last Friday. Shares of China Technology Development Group Corp. (NASDAQ:CTDC) and China-Biotics Inc. (NASDAQ:CHBT) continued to advance, a sharp contrast to Semiconductor Manufacturing Intl. (NYSE:SMI). Ctrip.com (NASDAQ:CTRP) had a bumpy ride in the last few weeks - one day up and fall on the next - today's uptick is just a continuation of the pattern.

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The recovery of China Real Estate Information Corporation (NASDAQ:CRIC) was short lived, the stock is trading -4.1% lower by noon on Thursday after two days of advances. Solar stocks suffer - though the price of oil is unchanged. ReneSola Ltd. (NYSE:SOL) lost -3.6% by noon and oversold Canadian Solar (NASDAQ:CSIQ) is trading -3.7% lower at noon today.

China Integrated Energy (NASDAQ:CBEH) fell five times out of the last six trading days - but the stock wasn't oversold as of this morning. If anything, Canadian Solar (NASDAQ:CSIQ) will turn around on Friday, according to the oversold monitor. China stocks to watch on Thursday, April 22.

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Significant stocks on the move by noon today include Ctrip.com (NASDAQ:CTRP), Sinopec Shanghai Petrochemical Co. (NYSE:SHI), China Eastern Airlines (NYSE:CEA), China Technology Development Group Corp. (NASDAQ:CTDC) and China-Biotics Inc. (NASDAQ:CHBT) to the upside.

Oversold stocks ready to turn around in the next few days include Canadian Solar (NASDAQ:CSIQ), China Integrated Energy (NASDAQ:CBEH), and to a certain degree China Real Estate Information Corporation (NASDAQ:CRIC).



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