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China stock market summary April 23, 2010

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decline3 April 23, 2010 (Chinavestor) Shares of Chinese companies fell a record in Asia for the week - while the DJIA rose for the eight straight week in a row. Efforts by the Chinese government to cool-off the property market sent investors in the defense in Asia with real estate and construction material stocks suffering the most.

Large cap stocks fell on profit taking but smaller cap counterparts took merit from a strong U.S. market. Existing home sales jumped to a record from last month helping investors to believe that the recovery is on the way. Even Goldman's subpoena and Greece's ill couldn't derail U.S. indices.

 

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Oversold stocks made up the best performing China stocks today 51job Inc. (NASDAQ:JOBS) bounced back off strongly after a record fall a day before. City Telecom (NASDAQ:CTEL) fell eight times out of the last ten trading days - today's strong bounce back is just a technical correction. China Integrated Energy (NASDAQ:CBEH) fell four days in a row before turning around yesterday. And finally, Semiconductor Manufacturing Int'l.  (NYSE:SMI) just fell over 10% in the last two days - before bouncing back up strongly on Friday.

Baidu.com (NASDAQ:BIDU) topped the list of stocks on the move, measured by dollar change. The stock advanced $5.72 closing just under the $650 resistance level.

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China Eastern Airline (NYSE:CEA) fell the most on Friday - yet the stock is the best performing China ADR for the week. China Southern Airlines (NYSE:ZNH) advanced +0.61% - Update: China Southern Airlines remains explosive.

Chinese telecoms were mixed: China Mobile (NYSE:CHL) advanced while China Unicom (NYSE:CHU) and China Telecom (NYSE:CHA) fell. Chinese telecom industry in 2009.



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