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Chinese energy sector rocks for now!

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oil_barrel1 February 21, 2014 (Chinavestor) There is one hour left for trading this Friday and before that time is up, here is a quick recap of what was good and bad for China stocks this week. Good news is that overall market sentiment remained solid for the third week. The Dow Jones Industrial Average (INDEXDJX:.DJI) rose 2.02% Friday to Friday and was virtually unchanged for the Tuesday-Friday period. Bad news is that Chinese stocks failed to gain traction and the composite for US listed Chinese stocks actually fell from Tuesday morning.

Stocks responsible for the decline included transportation stocks such as China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH), among others. Chinese telecoms fell, too. China Telecom (NYSE:CHA) and China Unicom (NYSE:CHU) shed 2.7% and 3.2%, respectively. China Natural Resources (NASDAQ:CHNR) sank basic materials and Huaneng Power Int. (NYSE:HNP) haunted utilities. Technology stocks were a mixed bag. Baidu Inc. (NASDAQ:BIDU), Sina Corp. (NASDAQ:SOHU), Sina Corp. (NASDAQ:SINA) and Qihoo 360 Technologies (NYSE:QIHU) shined but NetEase Inc. (NASDAQ:NTES) and SMI (NYSE:SMI) weighted down the sector. Financials outperformed thanks to China Life Insurance (NYSE:LFC).

 

The Dow Jones Industrial Average (INDEXDJX:.DJI) and the iShares FTSE/Xinhua China 25 Index (NYSE:FXI), February 14-21, 2014

Dow_FXI_2014feb_week3

Looking at all Chinese sectors for the week, the healthcare sector came out strong after weeks of decline. The sector rose 5.5% on average, led by WuXi Pharma (NYSE:WX) and Chindex International (NASDAQ:CHDX). These Chinese pharmaceuticals advanced 10.2% and 12.5%, respectively, far more than the rest. Sector heavy weight Mindray Medical (NYSE:MR) advanced a modest 2.9% after a steep decline for most of 2014.

The financial sector also made up for past weakness this week. The sector rose 4.7% on average, most of it attributed to indusry heacy weight China Life Insurance (NYSE:LFC). JRJC and CISG, the other two components of the sector, actually fell for the week.

Energy stocks outperformed the broad market, again. The sector was very strong last week and this week as well. Sinopec (NYSE:SNP) rose 6.9%, by far the most among energy stocks. Petrochina Co. Ltd. (NYSE:PTR), sector heavy weight, advanced 2.5%. and while the rest of the sector fell, these two large components of the sector secured a 3.4% advance for the sector as a whole. When oil prices are high, Chinese oil producers like Petrochina (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO) benefit. But this week Sinopec (NYSE:SNP) played a catch up with the rest of the sector. Shares of China's largest oil refiner, Sinopec (NYSE:SNP) failed to advance earlier the month while CEO and PTR shined.

Technology stocks were mixed for the most part albeit strong performance of sector heavy weight Baidu Inc. (NASDAQ:BIDU) benefited most internet companies. Sina Corp. (NASDAQ:SINA) and Sohu.com Inc. (NASDAQ:SOHU) rose 4.5% and 6.9%, each while industry leader Baidu Inc. (NASDAQ:BIDU) rose 3.2%. The difference between them is that while BIDU has been strong for most of February, Sina Corp. (NASDAQ:SINA) and Sohu.com Inc. (NASDAQ:SOHU) just made up for lost ground. Sina was down 15% in a month before turning around and Sohu.com Inc. (NASDAQ:SOHU) fell 12.5% before following Sina. In the meantime, Baidu Inc. (NASDAQ:BIDU) rose 15% in February in a mostly even way.

Qihoo 360 Technology (NYSE:QIHU) rose 6.0% for the week and remains on fire. But it wasn't a cakewalk for evberybody. NetEase Inc. (NASDAQ:NTES) fell 2.6% despite a favorable market sentiment. And SMI (NYSE:SMI) collapsed as much as 24.9%. The company fell on Tuesday morning after guiding lower and replacing its CFO.

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Transportation stocks gave back some of their gains from last week. China Eastern Airlines (NYSE:CEA) saw a stock price increase of almost 30% in February but the stock succumbed to profit taking this week. CEA stock price went from $15.8 to $19.6 and back to $18.4 in a quick succession. China Southern Airlines (NYSE:ZNH) had a similar pattern albeit with a smaller amplitude. Guangshen Railway (NYSE:GSH) fell 3.5% for the week, in line with CEA and ZNH.

Huaneng Power Int. (NYSE:HNP), the sole Chinese utility company on the NYSE, was virtually unchanged.



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