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China ADR Wrap June 23, 2010

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economy June 23, 2010 (Chinavestor) – With the Federal Reserve taking a more cautious stance on the U.S. economic recovery, stocks endured another lethargic with the Dow Jones Industrial Average managing a small gain, but the S&P 500 and Nasdaq booked small losses. The Shanghai Composite fell 0.7% after China said it would scuttle export tax rebates aimed at helping materials makers. Overall, Wednesday was a decent day for China-specific ETFs as the PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) and the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) both booked small gains. Small-caps firmed up a bit as well as the Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) rose nearly 1%.

Among large-caps, oil names saw some modestly positive trade with both Cnooc (NYSE:CEO), China's largest offshore driller, and PetroChina (NYSE:PTR), China's largest oil company, both finishing the day higher. Telecom names showed some strength as well with both China Mobile (NYSE:CHL) and China Unicom (NYSE:CHU) booking gains of over 1%.

Internet giant Baidu (Nasdaq:BIDU) finished the day in the green, but Longtop Financial (NYSE:LFT) could not follow through on yesterday's gain, tumbling more than 1% today. WuXi PharmaTech (NYSE:WX) did follow through on Tuesday's gains, adding almost 2.5% on Wednesday, but volume was just about a third of the daily average.

The online gaming sector was again a mixed bag with Shanda Interactive (Nasdaq:SNDA) tumbling half a percent, but Netease.com (Nasdaq:NTES) gained almost 1% and Shanda Games (Nasdaq:GAME) popped more than 4%. On the other hand Perfect World (Nasdaq:PWRD) plunged almost 5.5% on volume that was more than 50% above the daily average.

Solar was another mixed bag with JA Solar (Nasdaq:JASO) and Trina Solar (NYSE:TSL) booking small gains, but LDK Solar (NYSE:LDK) saw a small loss.

With small-caps, we saw some interesting trade among the usual names with China Nepstar Chain Drugstore (NYSE:NPD) popping more than 5% after Tuesday's 6% loss. Volume in the name was more than 50% higher than the daily average today. Real estate names saw mixed results with China Housing & Land Development (Nasdaq:CHLN) rebounding from Tuesday's decline to gain 4.44% today, but Xinyuan Real Estate (NYSE:XIN) lost 1%. Breaking the tie was the Claymore/AlphaShares China Estate ETF (NYSE:TAO), which gained almost 1%.

Some of yesterday's biotech winners became biotech losers today with Tiens Biotech (NYSE:TBV) and Sinovac Biotech (NYSE:SVA) losing 2.2% and 1.6%, respectively. Agriculture name Agria (NYSE:GRO) built on yesterday's gains by adding another 2.6% today, but American Dairy (NYSE:ADY) tumbled 2.3%, showing no follow through on Tuesday's bullish trade.

A-Power Energy Generation Systems (Nasdaq:APWR) and China Fire & Security (Nasdaq:CFSG) continued to see some bearish trade as both names finished lower on Wednesday. China GrenTech (Nasdaq:GRRF) was another named that followed through on the downside, dropping more than 3% after yesterday's loss of 5.6%. CDC Corp. (Nasdaq:CHINA) did rebound today, gaining almost 4.4% on decent volume.



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