October 27, 2010 (Chinavestor) – To say Wednesday offered up an unpleasant day of trading would either be accurate or an understatement as stocks in both China and the U.S. faltered, held hostage by concerns over the Federal Reserve's quantitative easing plan. Chinese stocks endured their worst day in weeks as the Hang Seng (SHA:000001) plunged almost 1.5% and the Hang Seng dropped nearly 1.5%. In the U.S., things could've been much worse as the Dow Jones Industrial was down well over 100 points in the morning, but was able to pare that loss to just 43 points.
Small cap movers included Sinovac Biotech (Nasdaq:SVA) and 3SBio (Nasdaq:SSRX) besides Acorn Interntaional (NYSE:ATV). Large caps on the upside included solar names like LDK Solar (NYSE:LDK) and Yingli Green Energy (NYSE:YGE). Trina Solar (NYSE:TSL) was just all right like Baidu (Nasdaq:BIDU).
Predictably, it was a tough day for our trio of China-specific ETFs. The PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) and the iShares/FTSE Xinhua China 25 Index (NYSE:FXI) both lost more than 2% while the Guggenheim China SmallCap ETF (NYSE:HAO) shed just under 2%.
It was a difficult day to find winners, among both the large- and small-caps, but finding the losers was a walk in the park. PetroChina (NYSE:PTR), China's largest oil company, reported what looked decent third-quarter results, but investors still took 4.25% out of the oil giant's hide. That helped push Sinopec (NYSE:SNP) down by 3.6% and Cnooc (NYSE:CEO) tumbled by 2.3%.
In fact, the commodities/materials trade was imperiled in a big way today as Aluminum Corp. of China (NYSE:ACH) slipped by 3.7% and Yanzhou Coal (NYSE:YZC) plunged more than 4%. It was a very bloody day for the airlines as China Southern (NYSE:ZNH) plunged almost 8% and China Eastern (NYSE:CEA) lost more than 5%.
China Life Insurance (NYSE:LFC) was another marquee name to dot the losers lineup, falling almost 3% while Sohu.com (Nasdaq:SOHU) lost 1.7% on the day. Ctrip.com (Nasdaq:CTRP) lost 1.5% to round out the losers.
Solar names were surprise winners today, with LDK Solar (NYSE:LDK) pushing higher by almost 2%. Yingli Green Energy (NYSE:YGE) was the leader with a pop of 2.1% while Trina Solar (NYSE:TSL) gained half a percent. Baidu (Nasdaq:BIDU) did a whole lot of nothing today, but “nothing” was a gain of 0.22%. Changyou.com (Nasdaq:CYOU) added almost 1% to join the large-cap winners. E-House (NYSE:EJ) was another small winner with a pop of 0.4%.
As we mentioned earlier, it was not a good day to be a Chinese small-cap. Fuqi Interntaional (Nasaq:FUQI) was one of the few winners, gaining almost 2%. China Integrated Energy (Nasdaq:CBEH) added 1.4%. It was a bad day for large-cap oil names, but WSP Holdings (NYSE:WH) added almost 1.5%. The most impressive small-cap winner was China Nepstar Chain Drugstore (NYSE:NPD), which soared 6.5% on strong volume and no news.
Sinovac Biotech (Nasdaq:SVA) and 3SBio (Nasdaq:SSRX) built on Tuesday's gains as both added more than 1% today. Acorn Interntaional (NYSE:ATV) was another bigger winner, surging 6.6%.
Looking at the losers, AirMedia (Nasdaq:AMCN) stands out as that name was punished to the tune of almost 8% on the back of a weak earnings report. China Technology Development (Nasdaq:CTDC) added to Tuesday's losses with a drop of 2.7% today. UTStarcom (Nasdaq:UTSI) shed 2.4% while Actions Semiconductor (Nasdaq:ACTS) lost 2.8%. Zhongpin (Nasdaq:HOGS) slipped by 2.6%.
A familiar name for the losers column is back with a loss of 2%, that being Xinhua Sports & Entertainment (Nasdaq:XSEL). Winner Medical (Nasdaq:WWIN) continued to disappoint, giving up another 3% today while China Grentech (Nasdaq:GRRF) was slammed by 5.5%.