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China ADR Wrap August 30, 2010

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decline_6 August 30, 2010 (Chinavestor) Investors got cautious ahead of key jobs report later this week, prompting a sell-off throughout the day. The Dow Jone Industrial Average (INDEXDJX:.DJI) fell140.9 points or 1.4 percent erasing most of the gains from last Friday. Traders in Asia were optimistic in the morning, taking merit from Ben Bernanke's comments last Friday.

Key industry leaders with substantial move for the day include Baidu.com (NASDAQ:BIDU), Synutra International (NASDAQ:SYUT), Trina Solar (NYSE:TSL) and Petrochina Co. (NYSE:PTR).

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But the somber mood caught Chinese ADRs offguard, sending large cap stock tumbling. The iShares FTSE/Xinhua 25 Index (NYSE:FXI), a proxy for large cap Chinese stocks, fell 1.5 percent while the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO), regarded as a barometer for smaller cap Chinese stocks, shed half of that.

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China Green Agriculture (NYSE:CGA), a prominent fertilizer company, fell 5.6 percent ahead earnings later this week. But it was China-Biotics (NASDAQ:CHBT) that shell shocked investors with a 18 percent tumble in the last hour of trading. China Integrated Energy (NASDAQ:C BEH), a bio-diesel producer and heavy oil distributor, fell 7.1 percent as oil prices softened.

But Noah Education (NYSE:NED) defied market sentiment and jumped 19.5 percent, albeit low volume.Shares of American Dairy (NYSE:ADY) rose 9.79 percent making up for some of the losses it suffered earlier the month. The stock is still down 40 percent following earnings release...

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While some smaller cap China stocks made it to the black, it was hard to find any large cap China plays over $500 million in market cap, that could fight the market on Monday. City Telecom (NASDAQ:CTEL) rose 2.52 percent followed by Longtop Financial (NYSE:LFT), Mindray Medical (NYSE:MR) and WuXi Phamratech (NYSE:WX). And finally, Ctrip.com Int. (NASDAQ:CTRP) managed to eke out a small gain for the day. The rest of the large cap NYSE listed China stock universe ended the day in the red...

WuXi Pharmatech (NYSE:WX) remains a volatile China play as was evidenced today. The stock was the most oversold China stock, as we pointed out last Wednesday: China stock watch list for August 26, 2010.

Mindray Medical (NYSE:MR) got hammered following second quarter earnings but investors took a second look at the company as value buyers steppe forward.

City Telecom (NASDAQ:CTEL) was the best performing China sock for all of 2009 but lost its shine in 2010. Today's defiance of market sentiment might signal that a new area is about to being for the rest of 2010.

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But it was a day for bleeding for most of the larger Chinese stocks. Melco Crown Entertainment (NASDAQ:MPEL) tumbled 5.42 percent followed closely by Shanda Games (NASDAQ:GAME) and Synutra International (NASDAQ:SYUT). Synutra is the industry leader in the baby formula business while Shanda Games (NASDAQ:GAME) is just as prominent in the online game arena.

Friday's favoite Trina Solar (NYSE:TSL) gave back 2.8 percent from while Yinli Green Energy (NYSE:YGE) fell 3.57 percent. Solar stocks fell on softer energy prices...

CNOOC Ltd. (NYSE:CEO), China's offshore oil specialist, shed 1.1 percent while Petrochina (NYSE:PTR), China's largest oil producer, fell 1.5 percent. Baidu.com (NASDAQ:BIDU), the largest NASDAQ listed China stock, fell 2.7 percent...



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