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China ADR Wrap May 20, 2010

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economy4 May 20, 2010 (Chinavestor) – Global equity markets faltered once again on Thursday as Europe's debt concerns continued to hold equity markets hostage. The three major U.S. indexes took their cues from their Chinese counterparts, which plunged overnight, helping the Dow Jones Industrial Average, S&P 500 and Nasdaq all loose at least 3.5%. The Shanghai Composite (SHA:000001) lost almost 32 points, or 1.2%, to settle at a three-week low of 2,555.94.

On the bright side, Chinese solar stocks found some stability on Thursday despite a decline in oil prices. Trina Solar (NYSE:TSL) had been looking oversold and rebounded by 3.65% while Canadian Solar (Nasdaq:CSIQ) got a nice bounce as well, gaining 2.42%. Solarfun Power (Nasdaq:SOLF) also traded higher on the day and Suntech Power (NYSE:STP) gained almost 1%.

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Riskier assets such as energy and materials names were bludgeoned as investors once again showed risk appetite is weak. Cnooc (NYSE:CEO), China's largest offshore oil driller, slumped $5.96 to $151.82 and PetroChina (NYSE:PTR), China's largest oil company, tumbled $4.76 to $101.92. Coal stocks also took it on the chin with the Market Vectors Coal ETF (NYSE:KOL) violating support at $30. Yanzhou Coal (NYSE:YZC), a top KOL holding, lost $1.63, or 7.5%, to close at $20.17.

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Chinese airlines were grounded by investors today with China Southern Airlines (NYSE:ZNH) plunging $2.02, or 9.5%, to $19.22 on volume that was more than 505 higher than usual. The trade was no better for rival China Eastern Airlines (NYSE:CEA), which fell $3.14, or 7.55%, to $38.44. Travel related stocks in general saw dour trade with Ctrip.com (Nasdaq:CTRP) shedding $3.04, or 8%, to settle at $34.96 on volume that was more than 50% higher than the daily average.

Other big losers included Baidu (Nasdaq:BIDU), which lost $2.55, or 3.64%, to close at $2.55. Sina (Nasdaq:SINA) continues to see substantial selling pressure and was down again on Thursday, losing $2.01, or 5.54%, to settle at $34.28. Sina (Nasdaq:SINA) has lost 2% in the past two days after gapping up early Tuesday.

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China TechFaith Wireless (Nasdaq:CNTF) was the day's big winner after delivering a solid earnings report last night. China TechFaith Wireless (Nasdaq:CNTF) shares were up almost 22% on the day. Linktone (Nasdaq:LTON) caught a bid on the back of China TechFaith Wireless (Nasdaq:CNTF) as Linktone (Nasdaq:LTON) gained 9.8%. Qiao Xing Mobile (NYSE:QXM) also participated in the positive trade for mobile phone-related issues, gaining almost 1%.

Vanceinfo Technologies (NYSE:VIT) notched a decent gain of 44 cents, or 2.5%, to close at $19.93. Volume was more than double the daily average in Vanceinfo Technologies (NYSE:VIT). Yucheng Technologies (Nasdaq:YTEC), the provider of IT services, gained almost 1% on strong volume. Sinovac Biotech (Nasdaq:SVA) and Yingli Green Energy (NYSE:YGE) rounded out the top Chinese percentage gainers with gains of 0.25% and 0.22%, respectively.



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