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Technology, basic materials make strong comeback

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strong_3 October 7, 2011 (Chinavestor) Chinese technology stocks along with basic materials made a strong comeback in the first month of October. The technology sector advanced 11.8% in the first five days of October largely thanks to Baidu.com Inc. (NASDAQ:BIDU) and Sohu.com Inc. (NASDAQ:SOHU). Smaller Youku.com (NYSE:YOKU) and Vanceinfo Technologies (NYSEVIT) also contributed to the rise. Among basic materials, index heavy weight Aluminum Corp. of China (NYSE:ACH) did most of the lifting.

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China's search engine giant, Baidu.com Inc. (NASDAQ:BIDU), rose 13.1% in the first five days of the week. Not only was this a remarkable advance but given the size of the company, it added a lot to the technology index in addition. Smaller Sohu.com Inc. (NASDAQ:SOHU) rose 16.3% on the same time. Sina Corp. (NASDAQ:SINA), the second largest China stock in the sector, rose 10.0% but NetEase.com Inc. (NASDAQ:NTES) and Quihoo 360 Technology (NYSE:QIHU) weight down on sector perforemance. Vancinfo Technologies (NYSE:VIT) soared earlier the week but is losing momentum as we speak.

Looking at basic materials, the advance of Aluminum Corp. of China (NYSE:ACH) added the most to the performance of the sector. Notable winners of the week include Silvercorp Metals (NYSE:SVM) and Fushi Copperweld (NASDAQ:FSIN).

The resurgence of technology and basic material shares came after a disastrous performence in September.

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