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China stock market summary April 29, 2010

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advance5 April 29, 2010 (Chinavestor) Bright economic outlook, strong earnings propelled U.S. indices and Chinese ADRs higher on Thursday. Baidu.com (NASDAQ:BIDU), the largest Chinese search engine company, reported record earnings and issued a revised 2010 second quarter outlook well above analyst estimates. Energy stocks shined, Yanzhou Coal (NYSE:YZC) rose +9.2% while China Sunergy (NASDAQ:CSUN), JA Solar (NASDAQ:JASO) and Solarfun Power (NYSE:SOLF) advanced +10.5%, 9.4% and 8.7%, respectively. 

Education and infrastructure stocks underperformed. China Infrastructure Investment Group (NASDAQ:CIIC) fell -10.3% while ChinaCast Education (NASDAQ:CAST) and Noah Education (NYSE:NED) suffered.

Chinese telecoms underperformed as well. China Telecom (NYSE:CHA) and China Unicom (NYSE:CHU) fell on sluggish growth and high 3G investment and marketing costs.

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Related coverage on Chinavestor:

China Unicom 2010 Q1 profit plunges -68%.

China Mobile cruising along in 2010 Q1.

CNOOC Ltd. 2010 Q1 oil production up 39.1%.

Sinopec 2010 Q1 net jumps on steady margins.

Yanzhou Coal 2010 Q1 profit doubles.

Baidu: Is the $90 jump out of sync?

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