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China ADR Wrap June 22, 2010

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decline_7 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%.
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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.

 

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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.

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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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