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China ADR Wrap July 21, 2010

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clock_1 July 21, 2010 (Chinavestor) – U.S. stocks struggled to take a cue from their Chinese counterparts today as comments from Federal Reserve Chairman Ben Bernanke sent the Dow Jones Industrial Average tumbling by 1.1%. Chinese stocks extended their gains overnight with a 1.1% for the Hang Seng and 0.3% gain for the Shanghai Composite (SHA:000001). China-specific ETFs endured some woes on the day with the PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) losing 0.73% and the iShares/FTSE Xinhua China 25 Index (NYSE:FXI) dropping 0.3%. Small-caps were caught in the downdraft as the Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) retreated 0.3%.

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Large-cap winners were not all that impressive today, led by what was probably a moderate oversold bounce in shares of City Telecom (Nasdaq:CTEL), which jumped by almost 4%. LDK Solar (NYSE:LDK) gained more than 3%, but fellow solar names Yingli Green Energy (NYSE:YGE) and Suntech Power (NYSE:STP) both lost more than 3%. Real estate names saw some pockets of strength with E-House (NYSE:EJ) adding 2.5% and China Real Estate Information (Nasdaq:CRIC) jumping almost 2%.

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Airlines added to Tuesday's gains with China Eastern (NYSE:CEA) rising by 1% and China Southern (NYSE:ZNH) added 1.75%. Melco Crown Entertainment (Nasdaq:MPEL), another travel and leisure name, added to yesterday's gains with a 1.56% move to the upside today. Ctrip.com (Nasdaq:CTRP) didn't participate in the travel sector bullishness, dropping by more than 2%. Commodities names were mixed as Sinopec Shanghai Petrochemical (NYSE:SHI) gained almost 1%, but Yanzhou Coal (NYSE:YZC) shed more than 2%.

Online gaming firms remain weak, led by a 3.3% drop in Giant Interactive (NYSE:GA). Perfect World (Nasdaq:PWRD) followed with a loss of almost 3% and Changyou.com (Nasdaq:CYOU) retreated by almost 2%. Synutra International (Nasdaq:SYUT) led the big-cap losers with a loss of almost 5%.

On an individual basis, small-caps were a little better, led by a 6.31% pop for China Sunergy (Nasaq:CSUN). Agriculture names were mixed as China Green Agriculture (NYSE:CGA) added almost 5%, but Agria (NYSE: GRO) lost more than 4%. AgFeed Industries (Nasdaq:FEED) lost more than 3% while Origin Agritech (Nasdaq:SEED) lost 3%.

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Noah Education (NYSE:NED) and American Oriental Bioengineering (NYSE:AOB) both gained almost 4%. China Natural Resources (Nasdaq:CHNR), AirMedia (Nasdaq:AMCN) and ChinaCast Education (Nasdaq:CAST) all added just under 3% on the day. China Fire & Security (Nasdaq:CFSG), China Technology (Nasdaq:CTDC) and China Integrated Energy (Nasdaq:CBEH) all jumped more than 2%.

Among the losers, steel names were also weak as China Precision Steel (Nasdaq:CPSL) declined by almost 3% and General Steel (NYSE:GSI) lost more than 4%. Global Sources (Nasdaq:GSOL), KongZhong (Nasdaq:KONG) and Qiao Xing Mobile (NYSE:QXM) all shed more than 3%. Chindex International (Nasdaq:CHDX) lost almost 4.5% while Vision China Media (Nasdaq:VISN) led the small-cap losers with a drop of almost 5%.



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