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China ADR Wrap August 3, 2010

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bank_2 August 3, 2010 (Chinavestor) – It looked like it was going to be another strong day for Chinese stocks, but what started out as a bright morning turned into a dark afternoon with the Shanghai Composite (SHA:000001) tumbling 1.7% on the day. The Hang Seng booked a small gain while U.S. stocks took a slight breather from Monday's big rally with the Dow Jones Industrial Average shedding 0.4%. Among the China-specific ETFs we track, the PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) was down 0.77% while the iShares/FTSE Xinhua China 25 Index (NYSE:FXI) shed nearly 1%. Small-caps took a slight break from their bullish ways with the Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) losing half a percent.

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Large-cap winners weren't all that impressive on the day, but we did see some strength among solar stocks. JA Solar (Nasdaq:JASO) added almost 2% while LDK Solar (NYSE:LDK) and Trina Solar (NYSE:TSL) each gained almost 1%. Strong oil prices probably helped solar stocks and definitely helped Cnooc (NYSE:CEO). China's largest offshore driller was in the green today, rising 0.65%.

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AsiaInfo Linkage (Nasdaq:ASIA) enjoyed a nice day on exceptional volume, gaining nearly 5% despite a lack of news flow. Silvercorp Metals (NYSE:SVM) added 2.45% . There were some signs of strength among online gaming firms with Netease.com (Nasdaq:NTES) popping by almost 2% and Shanda Interactive (Nasdaq:SNDA) surged nearly 3%. Perfect World (Nasdaq:PWRD) didn't participate, losing nearly 2%.

Speaking of the losers, Aluminum Corp. of China (NYSE:ACH) was taken to task today, falling by almost 6%. Airlines never got off the ground with China Eastern (NYSE:CEA) also losing nearly 6% and China Southern (NYSE:ZNH) shedding more than 3%. Ctrip.com (Nasdaq:CTRP) and Meclo Crown Entertainment (Nasdaq:MPEL) were also among the travel/leisure losers, both losing around 2%.

Semiconductor Manufacturing International (NYSE:SMI) declined by nearly 4% on no news. Home Inns & Hotels Management (Nasdaq:HMIN) lost more than 2% on light volume and no news. China Telecom also tumbled 2% on light volume and no news.

Small-cap losers weren't too bad, but UTStarcom (Nasdaq:UTSI) did drop 6%. AirMedia Group (Nasdaq:AMCN) lost almost 4.5% on better than twice the average daily volume. China Housing & Land Development (Nasdaq:CHLN) also shed more than 4% as did Noah Education (NYSE:NED). Global Sources (Nasdaq:GSOL) tumbled by nearly 4% as well.

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Fuqi International (Nasdaq:FUQI) was back to its bearish ways, losing almost 2.6% on thin volume. GigaMedia (Nasdaq:GIGM) endured a haircut of more than 3%. BMP Sunstone (Nasdaq:BJGP) and Xinhua Sports & Entertainment (Nasdaq:XSEL) each lost nearly 3%.

There were some curious winners in the small-cap patch, most notably General Steel (NYSE:GSI), which surged almost 12% on volume that was triple the daily average, but there was no news to prompt the move. China Natural Resources (Nasdaq:CHNR) soared almost 11% on volume that was five times the daily average.

China Technology Development (Nasdaq:CTDC) added almost 7% on volume that was seven times the daily average. Again, there was no news to spark the move. China Biotics (Nasdaq:CHBT) was higher by more than 6%. Sutor Technology (Nasdaq:SUTR) and Gushan Environmental both added more than 5%.

Agria (NYSE:GRO) and China BAK Battery (Nasdaq:CBAK) both gained at least 4% while Fushi Copperwel (Nasdaq:FSIN) popped by almost 3% and China Sunergy (Nasdaq:CSUN) tacked on almost 2%.



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