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Chinese Small-Caps Could Decline, Citic Says

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percent September 1, 2010 (Chinavestor) Citic Securities Co., China's largest securities broker, said Chinese small-caps are looking a little tired after two-month that now has the stocks trading at valuations that may be deemed excessive compared to their respective earnings outlooks. Citic said small-caps are due for a correction after the recent rally.

The CSI 500 Index, which tracks small-cap stocksĀ listed in Shanghai and Shenzhen, now trades at 47 times reported earnings compared with 38 times in July while the Shanghai Composite Index (SHA:000001) trades at 18.3 times reported earnings, according to Bloomberg News.

The Claymore/AlphaShares China Small Cap ETF (NYSE:HAO) is up 8% in the past three months while the more large-cap focused iShares/FTSE Xinhua China 25 Index (NYSE:FXI) is flat.

Citic said, ā€œInvestors also need to beware of the risks of a sharper deceleration in profit growth in the third quarter," Bloomberg reported.



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