November 7, 2011 (Chinavestor) What a difference a week makes... Transportation and technology stocks took a breather in the first week of November while financials surged. In fact, it was only the services and the financial sector that managed to stay in the black for the first week of the month. Stocks with momentum included China Life Insurance (NYSE:LFC), China Mobile (NYSE:CHL) and China Unicom (NYSE:CHU). But China Real Estate (NASDAQ:CRIC), China Yuchai Int. (NYSE:CYD) and China Ming Yang (NYSE:MY) dragged down capital goods the most.
Basic materials, technology, energy and transportation stocks were winners a week before but their fortunes turned as market participants trimmed risk and locked in profits.
Technology stocks succumbed to profit taking. Sina Corp. (NASDAQ:SINA), Sohu.com Inc. (NASDAQ:SOHU), and Qihoo 360 Tech. (NYSE:QIHU) weighted down the index while smaller AsiaInfo-Linkage (NASDAQ:ASIA) collapsed on weak earnings.
Basic materials fell along with energy stocks as resource and oil prices eased. Aluminum Corp. of China (NYSE:ACH) was flat but Silvercorp Metals (NYSE:SVM) fell over 5%, weighting on the sector.
Large cap petrochina Co. Ltd. (NYSE:PTR) and Yanzhou Coal Mining (NYSE:YZC) sent energy stocks lower for the forst week in November after a sound rally a week before.