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China ADR Wrap August 23

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decline3 August 23, 2010 (Chinavestor) Investors lacked reason to push stock prices higher in Asia, yet U.S. investors greeted the week with optimism. But as the day dragged on, pessimism became prevalent, sending the DJIA 39.2 points or 0.4 percent lower by the close. Caterpillar (NYSE:CAT) and Cisco systems (NASDAQ:CSCO) were the worst performing components of the index.

Chinese stocks took a beating as well; disappointing earnings from Aluminum Corp. of China (NYSE:ACH), Chine Petroleum & Chemical Corp. (NYSE:SNP) kept large cap stocks at bay but overall market weakness is responsible for the fall of Baidu.com (NASDAQ:BIDU), and CNOOC Ltd. (NYSE:CEO). But Perfect World (NASDAQ:PWRD) advanced 6.9 percent, catching up with the rest of the sector. Qiao Xing Mobile (NYSE:QXCM) and Qiao Xing University (NASADAQXING) were the best performing small cap stock, though most of it is just a technical correction. 

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Most large cap stocks were hurt by economic growth concerns; Aluminum Corp. of China (NYSE:ACH) returned to profitablity but warned of further aluminum price softening on low demand an overcapacity problems. Buy into weakness: ACH.

China Petroleum & Chemical Corp. (NYSE:SNP), Asia's largest refiner, reported first six months results before the open today. While production was flat, the company was unable to pass on higher import prices to consumers. Net income grew a mere 5.0 percent, a sharp disappointment compared to the net increase of 47 percent for CNOOC Ltd. (NYSE:CEO) last Friday. Nevertheless CNOOC Ltd. (NYSE:CEO) fell on overall economic concern, as well.

Internet industry bellwether Baidu.com (NASDAQ:BIDU) fell on analyst downgrade, citing valuation.

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Small caps remained volatile on Monday. Qiao Xing Mobile (NYSE:QXM) was noticed by the oversold monitor this morning; today's 12.92 percent rally is just a technical rebound. Noah Education (NYSE:NED) fell 13.14 percent, reminding investors that not all educational shares are golden these days. We just highlighted the spectacular performance of China Education Corp. (NASDAQ:CEDU) and New Oriental Education (NYSE:EDU). More coverage: Education shares lead China stocks higher.

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