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S&P at record, China stocks fall...

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bear_bull February 24, 2014 (Chinavestor) The market pays little attention to Chinese stocks. This is evidenced by the fact that while the NASDAQ hit a 14 year high and the S&P 500 closed at a record, the China DR Index, measuring the performance of all US listed Chinese stocks, fell 1.4%!  The decline among Chinese stocks was almost universal, stocks that fell outnumbered those that advanced three to one... Sina Corp. (NASDAQ:SINA) was an exception to the trend but most technology, energy and transportation stocks declined. SouFun Holdings (NYSE:SFUN) led the decline followed closely by 51job Inc. (NASDAQ:JOBS) and NetEase Inc. (NASDAQ:NTES). All three components of China's oil triumvirate fell: Petrochina (NYSE:PTR), Sinopec (NYSE:SNP) and CNOOC Ltd. (NYSE:CEO). Guangshen Rail (NYSE:GSH) as well as China Eastern Airlines (NYSE:CEA) suffered heavy blows despite an overall positive market sentiment. And just how much it hurts, take a look at the following chart. Sina Corp. (NASDAQ:SINA) rose $3.13 following news that it has already selected banks to help its Weibo instant messenger service IPO. WuXi Pharma (NYSE:WX) and Ctrip.com International (NASDAQ:CTRP) rose $1.31 and $.82, each. All other stocks recorded dismal advances.  

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The landscape is a lot more dramatic among falling stocks. SouFun Holdings (NYSE:SFUN) fell $4.98 and is now at $75/share, far from high of $95 not long ago. 51job Inc. (NASDAQ:JOBS) is another weak stock along with NetEase Inc. (NASDAQ:NTES). JOBS and NTES have fallen many times even when the market was on fire. So today's decline despite strong market sentiment is not a fluke.

China's energy stock have been outperforming the broad market for two weeks in a row. But today's weakness is a bad sign going forward. China's largest oil producer, Petrochina Co. Ltd. (NYSE:PTR) fell the hardest among major oil plays. PTR fell $1.79 while CNOOC Ltd. (NYSE:CEO) declined $1.32. Sinopec (NYSE:SNP) followed them closely as the chart above testifies.

Sohu.com Inc. (NASDAQ:SOHU) and E-House Holdings (NYSE:EJ) showed weakness, again...

China Eastern Airlines (NYSE:CEA) has had a bumpy ride lately. The stock went from $15.9 to $19.5 in two weeks and now is looking for the right price. Investors have to keep in mind that the transportation sector has been weak for the last two weeks and thus a quick rebound is unlikely. Guangshen Railway (NYSE:GSH), a railway operator from China's Pearl River Delta Region, fell $.69 on Monday.



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