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China ADR Wrap, Aug 2, 2010

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advance3 Aug. 2, 2010 (Chinavestor) First trading day of August continued the trend from July- heading north. Large cap China stocks advanced almost universally but smaller names took the lead in percentage points. The DJIA advanced over 200 points or 2.0 percent, more than either the Shanghai Composite Index (SHA:000001) or the Hang Seng Index (INDEXHANGSENG:.HSI).

The rally was universal in all three key markets: each and every component of the DJIA rose while only one component of the 50 member Shanghai Composite Index fell for the day. Except for Ping an Insurance (HKG:2318) and Jiangsu Expressway (HKG:0177), every component of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) rose.

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It was a day for large caps China stocks. Except for Silvercorp Metals (NYSE:SVM), each and every China stock with market cap of over $500 million advanced! Vanceinfo Technologies (NYSE:VIT) rose $1.48 or 5.83 percent followed by Perfect World (NASDAQ:PWRD). While most online game developers have outperformed in July, PWRD and Giant Interactive (NYSE:GA) have been left behind. So today's gain for PWRD is partially explained by a lackluster performance in July.To gauge the performance of the larger cap China stock on Monday, see chart below.

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Small caps didn't rally as universally as larger counterparts, nebvertheless some of them made investors very happy.China Medical Technology (NASDAQ:CMED) rose over 10 percent with heavy volume, suggesting more gains may lay ahed. Nam Tai Electronics (NYSE:NTE) advanced 8.05 percent following robust 2010 second quarter results. 

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But infrastructure related stocks failed to participate in the rally; China Infrastructure and Development (NASDAQ:CIIC) and China Architectural Engineering, Inc. (NASDAQ:CAEI) fell hard on Monday.

 



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