February 28, 2014 (Chinavestor) Chinese technology stocks piggybacked US market momentum on Thursday. Baidu Inc. (NASDAQ:BIDU) led the advance with a $6.02 or 3.48% surge. Sohu.com Inc. (NASDAQ:SOHU), Ctrip.com Int. (NASDAQ:CTRP), SouFun Holdings (NYSE:SFUN) and Youku Tudou (NYSE:YOKU) followed the leader higher for the day. Besides technology, Chinese energy stocks rallied the most. Sinopec (NYSE:SNP), China's largest oil refiner, advanced $5.03, twice as much as offshore oil driller CNOOC Ltd. (NYSE:CEO) and Petrochina (NYSE:CEO), China's largest oil producer. Sina Corp. (NASDAQ:SINA), a prominent Chinese internet play, was an exception to the rule. Sina (NASDAQ:SINA) fell $2.41 or 3.42%, four times as much as the rest. Home Inns & Hotels Management (NASDAQ:HMIN) and WuXi Pharma (NYSE:WX) succumbed to profit taking on Thursday.
The S&P500 rose to a new record after FED's Yellen testified. The positive tone was well received among NYSE and NASDAQ listed Chinese stocks. The China DR Index, measuring the performance of NYSE and NASDAQ listed Chinese stocks, fell for the week despite a strong US market sentiment. But this changed on Thursday when Chinese listings played a catch up.
Baidu Inc. (NASDAQ:BIDU) was the best performing Chinese ADR on Thursday. When industry leader surges, the rest usually follows. This explains a sound performance from sleepy stocks like Sohu.com Inc. (NASDAQ:SOHU) and Youku Tudou (NYSE:YOKU). Ctrip.com Int. (NASDAQ:CTRP) has been volatile lately with a positive bias, so any good news was a good excuse to extend a rally. SouFun Holdings (NYSE:SFUN) is similar to CTRP in trading characteristics. SFUN fell from $95 to $75 lately and was desperate to receive some support.
Sina Corp. (NASDAQ:SINA) fell hard for the second day in the week. Sina (NASDAQ:SINA) reported earnings earlier the week, sending its stock tumbling. The stock picked up some of the losses the next day, just to see it hit another low on Thursday. When fundamentals are weak, stocks continue to trend lower. Sina will need some time to recover, based on trading intelligence.
WuXi Pharmatech (NYSE:WX) and Home Inns & Hotels Management (NASDAQ:HMIN) leveled off with some negative bias on Thursday. Nevertheless both stocks are looking good when it comes to a quick technical assessment.