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China stock market summary April 30, 2010

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gold April 30, 2010 (Chinavestor) Investors minimized risk by rotating out of equities into gold on Friday as slower economic growth and Goldman's ills sinked in. Small cap China stocks suffered the most measured by the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO). But the large cap proxy, iShares FTSE/Xinhua China 25 Index (ETF) (NYSE:FXI), managed to stay in the black from most of the day but slipped -0.39% by the end.

NYSE listed China stocks on the move included China Eastern Airlines (NYSE:CEA), China Telecom (NYSE:CHA) and Yanzhou Coal (NYSE:YZC). Baidu.com (NASDAQ:BIDU) gave back -$20.91 after a $86 jump a day earlier while AsiaInfo Holdings (NASDAQ:ASIA), Canadian Solar (NASDAQ:CSIQ) and UTStartcom (NASDAQ:UTSI) fell significantly. Stocks with a significant rally include ReneSola Ltd. (NYSE:SOL), Xinhua Sports & Entertainment Ltd (NASDAQ:XSEL), Sinovac (NASDAQ:SVA), China Integrated Energy (NASDAQ:CBEH) and China Sunergy (NASDAQ:CSUN).

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Stocks that moved the  iShares FTSE/Xinhua China 25 Index (ETF) (NYSE:FXI) higher on Friday: CEA, CHA and YZC.

China Eastern Airlines (NYSE:CEA) rose +2.38% as investor bet on increased traffic due to the Shanghai Expo. China Eastern merged with Shanghai Airlines last year and now effectively control over 50% of the market above Shanghai's skies.

Shares of China Telecom (NYSE:CHA) bounced back up 2.18% on Friday after a steep fall a day before. The company reported lackluster 2010 first quarter growth highlighting the problems Chinese carriers face when it comes to 3G network building and stiff competition. JP Morgan cuts stake in China Telecom to 5.83%.

Shares of Yanzhou Coal (NYSE:YZC) continued to shine advancing 15.8% for the week and +3.38% on Friday. China's third largest coal miner reported record revenue and earnings growth earlier the week - Yanzhou Coal 2010 Q1 profit doubles.

Shares of Baidu.com (NASDAQ:BIDU) jumped over 10% on Thursday thanks to strong revenue and earnings growth plus an upbeat 2010 second quarter revenue forecast of $268 million, way above consensus estimate of $239 million. Baidu: Is $90 jump out of sync?

ReneSola Ltd. (NYSE:SOL) and China Sunergy (NASDAQ:CSUN) had a strong showing on Friday while solar industry leaders slacked. China Sunergy (NASDAQ:CSUN) reported 2010 first quarter earnings before the bell on Friday, blowing past expectations. Solar shipments rose, as expected, but margins remained firm helping the company to swing back to profit as well. CSUN 2010 Q1 back to profit.

Volatility is back - stocks with not much fundamental drive have regained some of their former mojo. Sinovac Biotech (NASDAQ:SVA) advanced over 5% on no news - except that it was a $10 stock a year ago at the height of the swine flue pandemic. We warned all investors on time: "I don't know what the latest buzz is. But I'm highly suspicious about this company and raise a huge red flag." Sinovac jumps over the moon.

Xinhua Sports & Entertainment Ltd (ADR) (NASDAQ:XSEL) has been just as volatile lately, today's +5.8% advance is more of a warning sign than a beginning of a long term rally.

China Integrated Eneergy (NASDAQ:CBEH) is a Chinese bio-diesel producer and distributor company whose shares are sensitive to the fluctuation of the oil price. Shares of the company have been very volatile lately and will remain that way for the next few weeks, at least. One on one with China Integrated Energy CFO, Mr. Albert Pu.

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