July 15, 2010 (Chinavestor) – News of slower GDP growth in China, while expected, was still not received well by investors and resulted in a drag on Chinese stocks as the Shanghai Composite Index (SHA:000001) lost almost 2% and the Hang Seng Index (INDEXHANGSENG:.HSI) dropped 1.5%. The Dow Jones Industrial Average snapped a seven-day losing streak with a loss of 0.1%. Not surprisingly, China-specific ETFs were in the red today with the PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) shedding 0.6% and the iShares/FTSE Xinhua China 25 Index (NYSE:FXI) plunging 1.53%. Small-caps were no better as the Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) lost 0.71%.
When it comes to stocks, this report includes Sina Corp. (NASDAQ:SINA), NetEase.com Inc. (NASDAQ:NTES), Suntech Power (NYSE:STP), and CNOOC Ltd. (NYSE:CEO) from the large cap China stock universe and hina Infrastructure Investment (Nasdaq:CIIC) surged almost 13% on below average volume and no news. AirMedia (Nasdaq:AMCN), and Gushan Env. Energy (NYSE:GU) from small caps. among others.
Sina Corp. (Nasdaq:SINA) led the large-cap winners with a gain of more than 8% after Susquehanna upgraded the stock to “positive” from “neutral.” Volume was more than twice the daily average in the name. WuXi Pharmatech (NYSE:WX) added more than 2% after saying it expects second-quarter profits to come in ahead of Wall Street estimates.
Perfect World (Nasdaq:PWRD) added almost 2% and Netease.com (Nasdaq:NTES) was another online gaming winner, gaining more than 1%. Solar names saw moderate strength on the day with JA Solar (Nasdaq:JASO) adding 1.64% and LDK Solar (NYSE:LDK) popped more than 1%.
Commodities names were weak with Cnooc (NYSE:CEO), China's largest offshore driller, losing almost 2% and Yanzhou Coal (NYSE:YZC) plunging 2.7%. Huaneng Power lost 2.1%. Telecom names were weak as China Telecom (NYSE:CHA) dropped 2.35% and China Unicom (NYSE:CHU) shed 2.7%.
China Southern Airlines (NYSE:ZNH) was probably hurt by the GDP news, losing 2.42% while Melco Crown Entertainment (Nasdaq:MPEL), another leisure sector name, lost almost 4% on volume of more than 9 million shares. That compares with average daily traded of 6.99 million shares.
Among small-caps, China Infrastructure Investment (Nasdaq:CIIC) surged almost 13% on below average volume and no news. AirMedia (Nasdaq:AMCN) gained 6.1% on almost 728,000 shares. That compares with average daily trade of less than 90,000 shares. China TransInfo (Nasdaq:CTFO) gained almost 5% on volume that was more than 50% above the daily average.
General Steel (NYSE:GSI) and Nam Tai Electronics (NYSE:NTE) both gained more than 3% while KongZhong (Nasdaq:KONG) gained almost 3%. Xinyuan Real Estate (NYSE:XIN), Acorn International (NYSE:ATV), China-Biotics (Nasdaq:CHBT) and Advanced Battery Technologies (Nasdaq:ABAT all gained more than 1%.
Among the losers, Gushan Environmental Energy (NYSE:GU) was slammed to the tune of 8% on strong volume, but no news. Jinpan International (NYSE:JST) lost 5.5% while Xinhua Sports & Entertainment (Nasdaq:XSEL) lost 5%. China BAK Battery (Nasdaq:CBAK) also lost more than 5%. China Fire & Security Group (Nasdaq:CFSG) was back to its bearish ways, losing more than 4%.
Sutor Technology (Nasdaq:SUTR) plunged 4.6% on weak volume. China Cast Education (Nasdaq:CAST), China Housing & Land Development (Nasdaq:CHLN) and American Oriental Bioengineering (NYSE:AOB) all dropped more than 3%.