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China stock market summary April 28, 2010

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bottom_fishing_1 April 28, 2010 (Chinavestor) Shares of Chinese companies recovered by the end of the trading session after a no-direction morning. Spain credit downgrade rattled the nerves of the markets but the FED left rates unchanged and issued an upbeat outlook on the economy, setting up the afternoon rally. Large cap and small cap China stocks advanced universally, both the iShares FTSE/Xinhua 25 Index (NYSE:FXI) and the Claymore/AlphaShares Small cap ETF (NYSE:HAO) advanced +1.1% by the end of the day.

Small cap CNinsure Inc. (NASDAQ:CISG) jumped +8.9% for the day making up for losses it suffered on April 16. Oversold solar stocks bounced back up, Solarfun Power Holdings (NASDAQ:SOLF) rose +3.6% while Canadian Solar (NASDAQ:CSIQ) advanced +5.5%. Jinpan International Limited (NASDAQ:JST) tumbled -22.9% after preliminary quarterly numbers disappointed. Chinese real estate related stocks, China Infrastructure Dev. (NASDAQ:CIIS) continued to fell the pressure.

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Energy prices firmed up on economic outlook, sending the crude up to $83.22 by the close. Chinese oil giants CNOOC Ltd. (NYSE:CEO), Petrochina (NYSE:PTR) and Sinopec (NYSE:SNP) advanced significantly in dollar terms. Petrochina (NYSE:PTR) reported strong profit growth on Tuesday and Sinopec (NYSE:SNP) followed suit today. Asia's largest refiner reported a 20.42% increase in crude processing and a net income jump of +40.14%. Sinopec 2010 Q1 jumps on steady margins.

But influential internet stocks fell as earnings from Sohu.com (NASDAQ:SOHU) and Changyou.com (NASDAQ:CYOU) failed to impress investors. Changyou.com slips on 2010 Q1.

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