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China ADR Wrap August 4, 2010

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rotation August 4, 2010 (Chinavestor) – For those of you that enjoy numbers, Wednesday's trade was certainly unique. The Dow Jones Industrial Average, the Hang Seng Index (INDEXHANGSENG:.HSI) and the Shanghai Composite Index (SHA:000001) all advanced by 0.4%. So if the market were a slot machine, three 0.4's would look pretty good. As it is, Wednesday's action appears to be the resumption of bullishness after Tuesday's breather.

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It was a mixed day for the ETFs that we track with the PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) adding just over 1% and the iShares/FTSE Xinhua China 25 Index (NYSE: FXI) added almost 0.4%. The Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) was unchanged on the day.

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Large-cap winners included Perfect World (Nasdaq:PWRD), which popped by more than 11% on no news, but nearly twice the average daily volume. That move helped lift Shanda Games (Nasdaq:GAME) and Shanda Interactive (Nasdaq:SNDA) to gains of more than 3%.

There was also some strength visible in commodities names with Sinopec Shanghai Petrochemical (NYSE:SHI) adding nearly 6%. Silvercorp Metals (NYSE:SVM) gained almost 4.5% and Aluminum Corp. of China (NYSE:ACH) rebounded from yesterday's loss to post a gain of nearly 4%. Cnooc (NYSE:CEO) didn't participate, booking a small loss on the day. Yanzhou Coal (NYSE:YZC) wasn't involved in the cheery commodities trade either, losing 2.21%.

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Travel and leisure names were once again mixed. Ctrip.com (Nasdaq:CTRP) enjoyed a nice run of 5.62% and China Southern Airlines (NYSE:ZNH) posted a gain of more than 4%. Home Inns & Hotels Management (Nasdaq:HMIN) added more than 3%, but Melco Crown Entertainment (Nasdaq:MPEL) continued its bearish ways, shedding half a percent.

Solar names didn't shine much on Wednesday with JA Solar (Nasdaq:JASO) and Suntech Power (NYSE:STP) both losing more than 1%. Yingli Green Energy (NYSE:YGE) slumped by almost 2.5%. Real estate names were slack as well. China Real Estate Information (Nasdaq:CRIC) lost more than 2% and E-House (NYSE:EJ) shed almost 4%.

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Despite the fact that the Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) was flat on the day, there were some impressive gains notched by Chinese small-caps. China Precision Steel (Nasdaq:CPSL) was the bigger winner on the day, adding over 11% on no news and volume that was nearly five times the daily average. UTStarcom (Nasdaq:UTSI) and Xinhua Sports & Entertainment (Nasdaq:XSEL) followed with runs of nearly 7% each.

Chindex International (Nasdaq:CHDX), Gushan Environmental Energy (NYSE:GU), Agria (NYSE:GRO) and China Housing & Land Development (Nasdaq:CHLN) all added nearly 5% each. Winner Medical Group (Nasdaq:WWIN) gained 4% and China Grentech (Nasdaq:GRRF) popped 4.43%.

Investors were apparently disappointed with the earnings report from Fushi Copperweld (Nasdaq:FSIN), punishing the stock to the tune of a 7% loss on volume that was nearly twice the daily average. China Technology Development (Nasdaq:CTDC) dropped by 5% on below average turnover. China Natural Resources (Nasdaq:CHNR) and China Architectural Engineering (Nasdaq:CAEI) each lost more than 4%.

American Oriental Bioengineering (NYSE:AOB), China TechFaith Wireless (Nasdaq:CNTF) and China Infrastructure Investment (Nasdaq:CIIC) all tumbled by more than 3%. China-Biotics (Nasdaq:CHBT), Noah Education (NYSE:NED) and China Nepstar Chain Drugstore (NYSE:NPD) round out the losers as all shed more than 2%.



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