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China stock market summary May 4, 2010

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panic May 4, 2010 (Chinavestor) Chinese stocks listed in American equity markets tumbled on Tuesday. Fears that Greece's debt crisis may spread to Spain and Portugal sent the euro downhill, strengthening the dollar and easing oil and commodity prices. Softer oil hurt energy stocks and equity markets in general.

The DJIA (INDEXDJX:.DJI) tumbled -225.1 points or -2.0% to 10,926.77 at the close. Chinese indices in Asia fell earlier the day as regulators continue to cool-off the economy. Bank reserve ratios were lifted by 50 basis points and third home mortgages were suspended on top of previous tightening measures. The acceleration in China's manufacturing activity has lost steam in April, measured by the Purchasing Managers' Index,  but inflation remained a concern. The Hang Seng Index fell -0.2% but the Shanghai Composite Index (SHA:000001) tumbled to a seven months low.

Stocks mentioned in this report include JA Solar Holdings (NASDAQ:JASO), AirMedia Group (NASDAQ:AMCN), Shanda Games, Spreadtrum Communications (NASDAQ:SPRD), China BAK Battery (NASDAQ:CBAK), Fushi Copperweld (NASDAQ:FSIN), and AsiaInfo Holdings (NASDAQ:ASIA).


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Chinese stocks fell all over the board, small and large cap ADRs alike. The iShares FTSE/Xinhua China 25 Index (NYSE:FXI), a large cap proxy for Chinese stocks, fell -3.7% just as much as the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO).

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Chinese solar makers took a heavy blow, led by JA Solar Holdings (NASDAQ:JASO). AirMedia Group (NASDAQ:AMCN) slid in the afternoon as investors took a second look at its earnings. While the company reported revenue increase the bottom line stayed in the red for the first quarter of 2010.

Harbin Electric (NASDAQ:HRBN) fell -11.6% ahead of earnings on May 10. Another double digit loser of the day was China Yuchai International (NYSE:CYD) with a -10.7% drop for the day.

Shanda Games (NASDAQ:GAME) fell hard on no particular news. China's second largest online game developer and operator will report earnings later this month or early June.

Spreadtrum Communications (NASDAQ:SPRD) rose +7.3% - heavy volume and no particular news. But this stock has been in and out of the overbought / oversold indicator multiple times, suggesting this is a truly volatile stock that carries high risk.

A surprise last hour rally propelled China BAK Battery (NASDAQ:CBAK) back to the black for the day. Shares of the company fell -14% on April 27 following 2010 Q1 financials. But the stock became oversold, as we pointed it out in the subsequent days, explaining today's surprise move. CBAK down 10% on lower guidance, lackluster growth.

Another earnings related stock of the day, Fushi Copperweld (NASDAQ:FSIN) fell -2.43% by the end of the day. The share price stayed in the black for most of the day thanks to in-line earnings and sweetened 2010 Q2 profit outlook. Fushi Copper gaps up on 2010 Q2 outlook.

AsiaInfo Holdings (NASDAQ:ASIA) couldn't hold on to early morning gains, stemming from good 2010 Q1 financials. Shares of the company fell -4.67% for the day. Asiainfo proves pessimists wrong.

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