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China stock market summary May 5, 2010

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decline3 May 5, 2010 (Chinavestor) China stocks ended the day close to session lows. The sell-off was universal, small and large cap stocks suffered equally as the performance of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) and the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO) testify. Both ETFs shed -1.6% for the day, proxies of large and small cap China stocks, respectively.

Stocks on the move included Shanda Games (NASDAQ:GAME), Qiao Xing University (NASDAQ:XING), China Southern Airlines (NYSE:ZNH) to the upside and LDK Solar (NYSE:LDK), China Automotive Systems (NASDAQ:CAAS) and China Integrated Energy (NASDAQ:CBEH) to the downside.

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Shanda Games (NASDAQ:GAME) bounced back +6.5% off yesterday's lows, the stock lost -9.9% on Tuesday. Chinese airliners got a lift from Hong Kong earlier the day; H-shares of China Eastern Airlines (HKG:1055) rose +0.7% before the NYSE open. Chinese energy and solar stocks suffered as the price of oil fell below $80/barrel. LDK Solar (NYSE:LDK) tumbled -9.1% while China Integrated Energy (NASDAQ:CBEH), a Chinese bio-diesel producer and distributor, tumbled -7.8%. To see what China ADRs moved the most in percentage points, see chart below.

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China stocks on the move - measured by dollar change - included CNOOC Ltd. (NYSE:CEO), Baidu.com (NASDAQ:BIDU) and China Automotive Systems (NASDAQ:CAAS) to the downside. China's offshore oil specialist, CNOOC Ltd., is a pure oil producer that is adversely effected when the price of oil heads south. Baidu.com (NASDAQ:BIDU) fell -$3.47 but that's only -0.5% given its high stock price. China Automotive Systems (NASDAQ:CAAS) is going to report 2010 first quarter earnings before the open tomorrow.

Chinese Airliners shined on lower oil and stronger dollar. China Eastern Airlines (NYSE:CEA) has over 50% market share over Shanghai, a city that hold the Expo 2010 event with over 500,000 visitors in the first three days. China Southern Airlines (NYSE:ZNH) had a strong showing as well. Shanda Interactive (NASDAQ:SNDA) bounced back off yesterdays' lows, just as did E-House Holdings (NYSE:EJ). Chines real estate stocks look attractive from a valuation point of view. Shanda Games (NASDAQ:GAME) moved up more in percentage term then her mother company.

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