August 24, 2010 (Chinavestor) – One might call Tuesday a Shanghai Surprise as the Shanghai Composite Index (SHA:000001) somehow managed to close in the green despite the fact that the Hang Seng Index (Indexhangseng:.hsi) tumbled more than 1% and U.S. stocks continue to be hampered by doubts about the economy. That's our way of saying the Dow Jones Industrial Average (INDEXDJX:.DJI) gave up another 1.3% today.
Weakness in the U.S. usually trickles over to China-specific ETFs and that's exactly what happened today with the PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) plunging 1.5% on the day. The iShares/FTSE Xinhua China 25 Index (NYSE:FXI) lost almost 1% and the Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) shed half a percent.
Winners among large caps were not all that impressive today on a percentage basis. Trina Solar (NYSE:TSL) gained nearly 6%, but that was on the back of solid earnings news. That move did not help the rest of the sector as JA Solar (Nasdaq:JASO) lost almost 4%. LDK Solar (NYSE:LDK) and Yingli Green (NYSE:YGE) each tumbled more than 4% and Suntech Power (NYSE:STP) slid 5.44%.
Focus Media (Nasdaq:FMCN) jumped 2.16% on some decent earnings news. Cninsure (Nasdaq:CISG) added nearly 2% on better than twice the average daily volume after reporting earnings yesterday. China Unicom (NYSE:CHU) gained more than 1% and China Yuchai International (NYSE:CYD) was up by almost 1% and Cnooc (NYSE:CEO) was the only other large-cap to finish the day in the green.
There were plenty of losers to pick from. Guangshen Railway (NYSE:GSH) slid more than 3% on weak volume and the same can be said for Semiconductor Manufacturing International (NYSE:SMI). VanceInfo (NYSE:VIT) slipped 3.5% on almost double the average daily turnover, but there was no news to explain the increased trade.
Home Inns & Hotels Management (Nasdaq:HMIN) fell by 4.3% on no news while Shanda Games (Nasdaq:GAME) lost almost 6%. Ctrip.com (Nasdaq:CTRP) was battered to the tune of 6.16% on better-than-average volume. That stock led the large cap losers.
Yes, there were small-cap winners today. Most notably, China Architectural Engineering (Nasdaq:CAEI) surged almost 46% on incredible volume, but there was no news to explain the bullish trade. Acorn International (NYSE:ATV) jumped nearly 10%. AirMedia (Nasdaq:AMCN) gained almost 3.6% on strong volume and no news.
Zhongpin (Nasdaq:HOGS) added almost 3% while ATA (Nasdaq:ATAI) traded higher by nearly 2%. Yucheng Technology (Nasdaq:YTEC) popped by 1% while Jinpan (NYSE:JST), China Information Security Technology (Nasdaq:CPBY), Vimicro (Nasdaq:VIMC) and China Technology Development (Nasdaq:CTDC) all added more than 1% each.
Not surprisingly, losers were easy to identify. Noah Education (NYSE:NED) tumbled nearly 5% on volume that was nearly triple the daily average. China Medical Technologies (Nasdaq:CMED) also lost almost 5% on no news. Frankly, it wasn't a good day to be involved in the healthcare space as Sinovac Biotech (Nasdaq:SVA) lost 5.3% and Winner Medical Group (Nasdaq:WWIN) shed nearly 7%.
China Integrated Energy (Nasdaq:CBEH) and Wonder Auto Technology (Nasdaq:WATG) each slipped by about 5.5%. Agriculture names were weak with Origin Agritech (Nasdaq:SEED) and China Green Agriculture (NYSE:CGA) both slipping by more than 6%. Jewelry retailer Fuqi International (Nasdaq:FUQI) was not shiny today, tumbling by almost 7% to round out the small-cap losers.