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China ADR Wrap October 11, 2010

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bear_bull October 11, 2010 (Chinavestor) Chinese stocks caught fire in Asia on Monday but failed to keep up with momentum in the U.S. as investors turned leery about the FED's next move. Nevertheless the Dow Jones Industrial Average (INDEXDJX:.DJI) managed to hold on to 11,000. The Shanghai Composite Index (SHA:000001) added another 2.4 percent on Monday on top of a 3.1 percent jump last Friday. This marked the best two day rally for the index YTD. Hong Kong found support in rising commodity prices and the low dollar, sending mining and commodity shares higher.

Key ETFs for the day include The PowerShares Gld Drg Haltr USX China (NYSE:PGJ) for small caps and the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) for large caps. Solar stocks on fire included LDK Solar (NYSE:LDK) and Suntech Power (NYSE:STP). 

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When it came to the U.S., investors found safety in larger cap Chinese stocks and U.S. companies that do business in China. The PowerShares Gld Drg Haltr USX China (NYSE:PGJ), measuring the performance of American companies with a large Chinese exposure, rose the most among major ETFs thanks to a 1.8% advance. Large cap proxy iShares FTSE/Xinhua China 25 Index advanced half of that by rising 0.9 percent, while small cap proxy (NYSE:FXI)Claymore/AlphaShares China Small Cap (NYSE:HAO) added a mere 0.5 percent.

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When it comes to individual stocks, solar names continued to shine. LDK Solar (NYSE:LDK) and Suntech Power (NYSE:STP) surged 14.9% and 11.82%, respectively. Yingli green Energy (NYSE:YGE), Trian Solar (NYSE:TSL) and JA Solar (NASDAQ:JASO) managed to advance over 3%, each. City Telecom (NASDAQ:CTEL) added 5.67% while Aluminum Corp. of China (NYSE:ACH), the third largest aluminum maker in the world, advanced 5.57%. Lower dollar helped push commodity prices higher, boosting m,etal and energy stocks alike. Yanzhou Coal Moning (NYSE:YZC) rose 4.37% on Monday extending latest rally to 27% since September 24.

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Internet stocks continues to suffer from lack of interest. NetEase.com Inc. (NASDAQ:NTES) fell along with Perfect World (NASDAQ:PWRD) and AsiaInfo (NASDAQ:ASIA). But not all online gamer fell; oversold Shanda Games (NASDAQ:GAME) rose again on Monday and is up 15% for the month.

Volatility is back for smaller stocks. WSP Holdings Limited (NYSE:WH) jumped 17.07% followed closely by Harbin Electric (NASDAQ:HRBN). This latter was told to go private, setting up the jump. Long oversold American Oriental (NYSE:AOB) rose sharply as investors poured money into this volatile China play. For the best and worst ten China plays on Monday, see chart below.

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