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Energy lead China stocks higher by noon, April 30

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bounce_back April 30, 2010 (Chinavestor) Large cap China stocks shined but smaller caps remained under pressure on Friday at noon. Investors got spooked by a worse than expected economic growth of 3.2% vs. 3.4% estimate. Raising shipments, revenue and profits of China Sunergy (NASDAQ:CSUN) reinvigorated solar stocks on Friday. ReneSola Ltd. (NYSE:SOL) advanced 8.3% while strong energy prices continue to support Yanzhou Coal (NYSE:YZC), the third largest Chinese coal miner. Chinese education stocks remained under pressure, Noah Education (NYSE:NED) fell -7.1% on top of the last three day's losses.

Noon_2010430_etf2

China Sunergy (NASDAQ:CSUN), the first Chinese solar maker to report 2010 Q1 numbers, surprised to the upside. The company shipped a record amount of PV cells, reported record revenues and returned to profitability. CSUN 2010 Q1 back to profit.

Improved outlook helped ReneSola Ltd. (NYSE:SOL) to advance +8.3%  but Canadian Solar (NASDAQ:CSIQ) fell -4.26%.

NASDAQ listed China stocks felt the pressure, liquid stocks like Rino International (NASDAQ:RINO), AsiaInfo Holdings (NASDAQ:ASIA) or Perfect World (NASDAQ:PWRD) fell substantially by noon. Noah Education Corporation (NYSE:NED) continued the slide - but ChinaCast Education (NASDAQ:CAST) has bounced back from yesterday's losses..

noon_2010430_chart



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