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China ADR Wrap May 27, 2010

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advance8 May 27, 2010 (Chinavestor) – With all but one of the Dow's 30 constituents trading higher on Thursday, U.S. stocks extended yesterday's rally, posting their best one-day gain nearly two weeks. Chinese stocks may have helped get the party started as the Hang Seng and the Shanghai Composite both rallied more than 1% before U.S. markets opened.

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Oil prices jumped 4% for the second consecutive day, helping Chinese oil names soar. PetroChina (NYSE:PTR), China's largest oil company, and China Petroleum & Chemical (NYSE:SNP) both gained almost 5%, but that pales in comparison to the almost 7% gain turned in buy Cnooc (NYSE:CEO), China's largest offshore driller. Sinopec Shanghai Petrochemical (NYSE:SHI) was also up almost 7% and Yanzhou Coal (NYSE:YZC) was the stalwart among Chinese commodities names, soaring almost 11%. Aluminum Corp. of China (NYSE:ACH) also took place in the commodities rally, tacking on more than 10%.

A rally in tech stocks had Baidu (Nasdaq:BIDU) and Ctrip.com (Nasdaq:CTRP) both up more than 8%. The tech rally could be seen in small issues as well with VanceInfo Technologies (NYSE:VIT) gaining more than 9%. Harbin Electric (Nasdaq:HRBN) also rallied more than 9%. Alternative energy names were also strong on the day, with A-Power Energy Generation Systems (Nasdaq:APWR) and Canadian Solar (NYSE:CSIQ) gaining almost 11% and 10%, respectively.

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Even consumer discretionary names like Fuqi International (Nasdaq:FUQI) took part in the rally. The jewelery retailer added 9.31%.

There were laggards on the day and they can be found among a host of the usual suspects. WSP Holdings (NYSE:WH) didn't get a lift from higher oil prices as investors still appear less than thrilled with the company's dour earnings report issued earlier this week. The shares were down 1.82%. GigaMedia (Nasdaq:GIGM) announced earnings before the bell today and the report was glum, sending that stock down by almost 2%. GigaMedia is grilled by investors on 2010 Q1.

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For-profit education provider ChinaEdu (Nasdaq:CEDU) is still reacting negatively to its profit report issued earlier this week and that stock was down 0.28% today. China Nepstar Chain Drugstore (NYSE:NPD) continues to see selling pressure, shedding 0.51% today.

On no news and extremely thin volume, ATA Inc. (Nasdaq:ATAI) slid 2%. Only 2,000 shares traded in ATA (Nasdaq:ATAI) compared to average daily volume of more than 35,000 shares. Syntura International (Nasdaq:SYUT) the dairy products maker, was another no-news decliner, losing almost 1.6%, but the decline was seen on strong volume as more than 59,000 shares changed hands in the name compared to average daily trade of less than 34,000 shares.



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