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China stock market summary May 7, 2010

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bottom_fishing_1 May 7, 2010 (Chinavestor) Despite a 139.89 points drop in the DJIA, bottom fishers have started to pick up value China stocks on Friday. Resource, energy stocks rallied, Aluminum Corp. of China (NYSE:ACH) advanced +2.6% while Yanzhou Coal (NYSE:YZC), the third largest Chinese coal miner, rose +4.9%. Better than expected earnings propelled 51Job Inc. (NASDAQ:JOBS) and Cogo Group (NASDAQ:COGO) higher. Nevertheless volatility remained high as Greece's debt crisis continues to unfold.

Investors have started to snap up assets of oversold large cap Chinese companies. The iShares FTSE/Xinhua 25 Index (NYSE:FXI), measuring the performance of the 25 largest publicly traded Chinese companies in Hong Kong, advanced +1.3% on Friday. Index heavy weight Petrochina (NYSE:PTR) and China Mobile (NYSE:CHL) advanced +1.25% and 0.94%, respectively.

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Smaller cap China stocks remained volatile. Synutra International (NASDAQ:SYUT), a stock that was holding up well in the midst of the sell-off, succumbed to pressure and fell -11.9% on Friday. Wonder AutoTechnology (NASDAQ:WATG) and CNinsure (NASDAQ:CISG) tumbled double digits in percentage points as well.

To see a list of the most volatile stocks on Friday, visit chart below.

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51Job Inc. (NASDAQ:JOBS) earnings related coverage on Chinavestor: 51job Inc. ready to rumble on 2010 Q1 growth.

Cogo Group (NASDAQ:COGO) reported better-than-expected first quarter report after the close on Thursday and advanced +6.0% on Friday. Cogo tumbles before 2010 Q,1 but surprises to the upside.

For a thorough assessment of the China stocks universe: May 2010 Newsletter: 2010 first quarter earnings season is on. Investor, how are you doing?



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