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China stock market summary April 22, 2010

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think_1 April 22, 2010 (Chinavestor) Chinese stocks made a strong comeback on the back of improving American market sentiment. Not only did the DJIA eke out a single digit gain for the second day in a row, but small and large cap Chinese ADRs as well.

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Some small and large cap stocks remained explosive: Xinhua Sports & Entertainment Ltd (NASDAQ:XSEL) jumped 10.2% while China Technology Development Group Corp (NASDAQ:CTDC) ended the day 9.3% higher. Baidu.com (NASDAQ:BIDU) gained $10.04, the most among Chinese ADRs, and closed just below its all time high of $641.93 last Thursday. Superb earnings propelled Chinese airliners, ZNH and CEA, and Sinopec Shanghai Petrochemcial (NYSE:SHI) higher on Thursday.

Stocks deep in the red included 51job Inc. (NASDAQ:JOBS) and Gushan Environmental Energy (NYSE:GU). Semiconductor Manufacturing Int'l (NYSE:SMI) fell hard for the second day in a row and recovery for City Telecom (NASDAQ:CTEL) haven't arrived yet either. China Real Estate Information Corporation (NASDAQ:CRIC) and E-House Holdings (NYSE:EJ) fell just under 3% as China further tightened property market regulations earlier the day.

Details: Strong performance of  Xinhua Sports & Entertainment Ltd (NASDAQ:XSEL) is due to a bounce back following a disastrous tumble a week ago when the company announced a delay of 2009 Q4 results. The company is expected to report 2009 full-year and fourth quarter results on May 10, two weeks later than originally announced.

China Technology Development Group Corp (NASDAQ:CTDC) advanced 9.33% on Thursday on top of two straight days of gains. The stock was not overbought as of Thursday morning but may have become one by the end of the day. Come back to Chinavestor.com and check with the overbought indicator on Friday before the market opens.

Chinese airliners were on fire, again. Shares of China Eastern Airlines (NYSE:CEA) advanced $2.50 or 4.58% propelling the stock up 18% in the last four trading days. Larger domestic rival, China Southern Airlines (NYSE:ZNH), advanced even more for the day - again, strong earnings are behind the strong performance. China Southern Airlines remains explosive.

Sinopec Shanghai Petrochemical (NYSE:SHI) reported better-than-expected 2009 financial report earlier today, sending her shares up 6.1% in Hong Kong and 6.30% in New York. But don't expect the stock remain explosive due to her sensitivity to the price of oil. Sinopec Shanghai Petchem swings back to profit in 2009.

Baidu.com (NASDAQ:BIDU) closed above $640 for the second time in history after a $10.07 advance for the day. Studies show that market share of the company increased after Google severed tis with China. Some argue that BIDU may reach $700 by the end of June.

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51job Inc. (NASDAQ:JOBS) dropped the most in dollar terms and in percentage points as well on Thursday. There is not any stock specific news behind the weak market performance but increasing volume suggests the worst isn't over just yet.

Bio-diesel producer Gushan Environmental Energy Limited (NYSE:GU) fell -7.2% on Thursday following news that the company is going to shut down its Shanghai based unit due to the Expo 2010. Tightened regulations limit production and transportation of flammable chemicals until the exhibit is over in November.

City Telecom (NASDAQ:CTEL) had a spectacular 2009 and 2010 year so far until March 2010. But the stock has had to take a breather - current weakness is more a technical correction than fundamentally drive.

Chinese regulators work hard to coll-off the property market in China, hurting bottom lines of China Real Estate Information Corporation (NASDAQ:CRIC) and E-House Holdings (NYSE:EJ) among other related companies. Don't expect much improvement in the upcoming months  - though some argue that it is time to buy real estate stocks based on valuation.



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