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: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in
June 22, 2010 (Chinavestor) – Enthusiasm for the relaxed Yuan/Dollar peg has officially been terminated as the Shanghai Composite could only manage a meager 0.1% gain on Tuesday while the Hang Seng dropped 0.4%. Monday's trade in the U.S. likely signaled a reversal day and that much was a evident today as a triple-digit loss for the Dow Jones Industrial Average dragged down China ETFs. The PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) and the iShares/FTSE Xinhua China 25 Index (NYSE:FXI) both slid 1.6%. Small-caps provided no relief with the Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) giving up 1.2%.
Among large-caps, solar stocks had a black cloud hanging over them today with JA Solar (Nasdaq:JASO) and LDK Solar (NYSE:LDK) both losing more than 6%. Trina Solar (NYSE:TSL) didn't fare much better, tumbling almost 5%.
Speaking of a sector to avoid, online gaming remains just that. Shanda Games (Nasdaq:GAME) shed 4.6% while Perfect World (Nasdaq:PWRD) plunged almost 5.6%. Netease.com (Nasdaq:NTES) also lost more than 5%. Internet and technology names saw some selling pressure as well with AsiaInfo Holdings (Nasdaq:ASIA) losing 5.5%. City Telecom (Nasdaq:CTEL) gave up some of last week's impressive gains by losing 4% today.
Winners were hard to come by as Longtop Financial (NYSE:LFT) was the top-performer among large-caps, gaining a scant 1%. E-House (NYSE:EJ) almost gained the same amount. WuXi PharmaTech (NYSE:WX), Aluminum Corp. of China (NYSE:ACH) and Guangshen Railway (NYSE:GSH) were other big names that finished the day in the green, although only barely.
Among small-cap losers, we see a smattering of the usual suspects with China Nepstar Chain Drugstore (NYSE:NPD) leading the laggards, following 6%. Real estate names were weak again with China Housing and Land Development (Nasdaq:CHLN) tumbling almost 5% and Xinyuan Real Estate (NYSE:XIN) losing nearly 4%.
China GrenTech (Nasdaq:GRRF) lost 5.6% on no news and weak volume. CDC Corp. (Nasdaq:CHINA) was another light volume, no news loser, shedding almost 5.5% on the day. Jinpan International (NYSE:JST) and China Fire & Security (Nasdaq:CFSG) both lost nearly 4%.
There were some familiar names among small-cap gainers as well. Agria (NYSE:GRO) jumped 5.41% on strong volume. China TechFaith Wireless (Nasdaq:CNTF) came in second, rising almost 3.7% on light volume. Tiens Biotech (AMEX:TBV) was another light volume winner, gaining 3.4%. Sinovac Biotech (Nasdaq:SVA) was another biotech winner, but the name gained barely more than 1%. ATA Inc. (Nasdaq:ATAI) also gained more than 3%, but just 200 shares traded in the name.
American Oriental Bioengineering (NYSE:AOB), American Dairy (NYSE:ADY) and The9 Ltd. (Nasdaq:NCTY) all gained more than 2%.
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