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China stock market summary April 27, 2010

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decline_8 April 27, 2010 (Chinavestor) Penny stock China Infrastructure Development (NASDAQ:CIIC) advanced $.39 or 21.91% to $2.17 on Tuesday - far outperforming the rest of the market. The DJIA fell over 200 points under 11,000 as the debt crisis spread from Greece to Portugal. The dollar strengthened, softening oil and commodity prices as a result. Energy, solar, and commodity stocks felt the pinch sinking major indices for the day.

Disappointing earnings combined with a negatively revised revenue outlook sent shares of China BAK Battery Inc. (NASDAQ:CBAK) down -13.9 percent for the day. Petrochina Co. Ltd. (NYSE:PTR) fell -3.83% as price of the crude retreated. Investors shrugged off PTR's bullish 2010 Q1 report. Yanzhou Coal Mining Co. (NYSE:YZC) was able to hold on to yesterday's gains as net profit jumped +180% in the first quarter. Shares of Canadian Solar (NASDAQ:CSIQ) became oversold after tumbling another -6.12% on top of previous losses.

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Details: China BAK Battery Inc. (NASDAQ:CBAK) reported a mere 0.4% revenue growth for the current quarter - though net losses subsided. The company issued 2010 full year revenue outlook of $220 million vs. previous estimates of $240.5 million. CBAK down 10% on lower guidance, lackluster growth.

Petrochina Co. Ltd. (NYSE:PTR), the largest Chinese oil producer, reported a net profit increase of 72.7% compared to the first quarter of 2009. Most of it is attributed to high oil prices but the company increased production and refining activity picked up as well. Petrochina net profit, oil production up in 2010 Q1.

Soft energy prices hurt China Petroleum & Chemical Corp. (NYSE:SNP) and CNOOC Ltd. (NYSE:CEO). China's largest oil refiner fell -3.47% for the day while China's offshore oil specialist, CNOOC Ltd, fell -3.81%.

Yanzhou Coal (NYSE:YZC) was able to fight the market - shares of the company advanced +.98% thanks to strong earnings release on Monday. The company reported net income growth of over +180% as production increased by over 40% and coal prices improved. Yanzhou Coal 2010 Q1 profit doubles.

Shares of Canadian Solar (NASDAQ:CSIQ) fell -6.12% on Tuesday or an accumulated -23.7% in the last five trading sessions. Shares of the company became oversold this morning - though we argued that today will not be the day CSIQ would turn around. Overbought stocks in danger: JOBS, GSOL and more.  But that day is near - possible it's going to be Wednesday. Watch out for this oversold China play for the rest of the week.

The best stock of the day was China Infrastructure Development (NASDAQ:CIIC) with a spectacular +21.9% advance. With no stocks specific news around, it looks to me that the stock price is not supported fundamentally and is ready to undergo a correction. Investor, exercise caution!

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