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China ADR Wrap, September 20, 2010

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new_year2 September 20, 2010 (Chinavestor) Without a catalyst or any special news, stocks extended their rally into the fifth week on Monday. The Dow Jones Industrial Average (INDEXDJX:.DJI) advanced145.8 points or 1.4 percent. The rally was not foreseen in Asia where the Shanghai Composite Index (SHA:000001) shed 10 points or 0.4 percent and the Hang Seng Index (INDEXHANGSENG:.HSI) eked out a small  6.5 points or 0.03 percent gain.

Chinese stocks rode on the back of positive market sentiment. The rally was more universal among larger cap China stocks, companies over $500 million in market cap or more. Stocks that advanced outnumbered those that fell 42 to 5. NASDAQ listed larger stocks led the rally for the group. AsiaInfo-Linkage (NASDAQ:ASIA) jumped 9.45 percent followed by Synutra International (NASDAQ:SYUT) and highly liquid Sina Corp. (NASDAQ:SINA). Baidu.com (NASDAQ:BIDU), the largest Chinese NASDAQ listing, rose 4.83 percent. Investors returned to the oversold real estate sector: China Real Estate Information Corporation (NASDAQ:CRIC) and E-House Holdings (NYSE:EJ) advanced 5.5 percent and 3.4 percent, respectively.

Gushan Environmental Energy (NYSE:GU) led smaller caps higher, while Chindex International (NASDAQ:CHDX) and UTStarcom (NASDAQ:UTSI) rose above 10 percent for the day, as well. Former favorite Rino International (NASDAQ:RINO) was a disappointment while Fuqi International (NASDAQ:FUQI) gave back some after steep advanced last week.

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Looking at larger Chinese stock for the day,AsiaInfo-Linkage (NASDAQ:ASIA) continued to surge after a strong finish last week. The stock is up 20 percent for the last three trading days. Increasing volume suggests the rally has strong support.

Investors returned to Synutra International (NASDAQ:SYUT), the largest listed Chinese baby formula maker, as the dust settled. Rumors about tainted formulas tarnished the reputation for SYUT, sending the stock 50 percent lowewr in the last three months. But value investors stepped up assuming the worst may be over for this gem.

Sina Corp. (NASDAQ:SINA) is one of the best known Chinese internet portals along with Tencent Holdings (HKG:0700). Investors prefer large, liquid, transparent Chinese internet stocks on solid book keeping grounds, pumping up money flows for quality interent stocks like Sina Corp. (NASDAQ:SINA). The same driver is behind the 4.8 percent advance in Baidu.com (NASDAQ:BIDU), a stock with market cap of over $30 billion.

China Real Estate Information Corporation (NASDAQ:CRIC) is up 20 percent in just three days, a strong testimonial that investors have returned to the oversold real estate sector. E-House Holdings (NYSE:EJ) advanced 5.5 percent on Monday and is up 9.1 percent since last Tuesday.

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Overbought 51job Inc. (NASDAQ:JOBS) and Huaneng Power (NYSE:HNP) fell for the day. We have issued a warnings this morning, see Chinese momentum stocks to watch on September 20. China Integrated Energy (NASDAQ:CBEH) was the most oversold China stock this morning; today's advance was no surprise to us.

Trina Solar (NYSE:TSL) rose from $18 to $28 in less than three months, suggesting today's weakness is just a breather.

Turning over to smaller cap Chinese stocks on Monday, Gushan Environmental Energy (NYSE:GU) rocked the boat thanks to a 19.82 percent jump. The overbought/oversold report picked up the stock after a 15 percent fall last week but the fast V-shaped recovery caught us at a surprise.

Chindex International (NASDAQ:CHDX) advanced 12.53 percent on no particular news. Increasing volume is a good sign though...

UTStarcom (NASDAQ:UTSI) advanced over 10 percent on Monday to a new three months high.

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Rino International (NASDAQ:RINO), once a highly liquid China play, shed 3.58 percent. Some see a pressure over the environmental sector after the tumble of Duoyuan Global Water Inc (NYSE:DGW).

 



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