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China ADRs slip by noon on Spain downgrade

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forecast_2 April 28, 2010 (Chinavestor) From best to worst - goes China Infrastructure Investment Corp (NASDAQ:CIIC) from Tuesday to Wednesday. On the other hand, China BAK Battery Inc. (NASDAQ:CBAK), a stock that fell the most on Tuesday, advanced +5.0% by noon, the most among Chinese ADRs. Chinese solar plays firmed up, oversold Canadian Solar (NASDAQ:CSIQ) and JA Solar (NASDAQ:JASO) holdings made it to the top ten China ADRs by noon. China Unicom (NYSE:CHU) and China Southern Airlines (NYSE:ZNH) followed suit in New York after their H-shares jumped higher in Hong Kong earlier the day.

Besides these extremes, there are additional evidence that the markets are lacking direction. The DJIA, PGJ, FXI or the HAO are all wobbling around as  investors digest the latest news from the FED to the downgrade of Spain.

top_2010428_noon_etf

Shares of Jinpan International (NASDAQ:JST), a seemingly boring stock in the past five days, dived -24.3% as preliminary 2010 Q1 results disappointed. China Infrastructure Investment Corp (NASDAQ:CIIC), a stock that advanced over +25% in the last five days, came to a halt or rather a sell-off.

China Unicom (NYSE:CHU) and China Southern Airlines (NYSE:ZNH) advanced +3.8% and +3.04%, respectively - a move that was foretold in the pre-market report. "Two NYSE-HKEx cross-listed stocks, China Unicom (HKG:0762) (NYSE:CHU) and China Southern Airlines (HKG:1055) (NYSE:ZNH), advanced in Hong Kong on Wednesday." World markets tumble on Greek worries.

top_2010428_noon_chart

Chinese solar stocks bounced back up - shares of Canadian Solar (NASDAQ:CSIQ) and Solarfun Power Holdings (NASDAQ:SOLF) rose +3.3% and +1.9%, respectively. The dollar stopped climbing and price of oil rose - both supporting solar stocks. Solar stocks and the dollar.

Sinopec (NYSE:SNP), the largest refiner in Asia, reported better-than-expected 2010 Q1 results. While oil production remained flat, natural gas production jumped +41%, and refining activity picked up +20.4% in 2010Q1 vs. same period last year. Sinopec 2010 Q1 net jumps on steady margins.

These results are in line with Petrochina's (NYSE:PTR) 2010 Q1, released just a day before. Petrochina net profit, oil production up in 2010 Q1.



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