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China stocks fall but some hold ground

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obos-6-10-tumbShares of Chinese companies listed on American stock exchanges are down sharply from a week ago. Looking at the Overbought/Oversold indicator, compiled by Chinavestor, shares of Chinese offshore oil producer CNOOC Ltd. (CEO) are the most oversold ADR at the moment. But share price of Chinese telecom giant China Mobile (CHL) and China Telecom (CHA) are on a steep decline as well. Small cap Chinese health care stock American Oriental (AOB) have fallen most dramatically on a relative basis.

Stocks holding ground are Sinopec (SNP), China Life (LFC) and China Unicom (CHU). All of these stocks are fundamentally improving.

Sinopec Corp (0386.HK: Quote, Profile , Research)(SNP: Quote, Profile, Research) (600028.SS: Quote, Profile , Research) is benefitting from lower crude prices because that means improved profitability for Asia's largest refiner.

China Life (601628.SS: Quote, Profile , Research) (LFC: Quote, Profile , Research) (2628.HK: Quote, Profile , Research)) was just upgraded by Credit Suisse on Monday to BUY expecting better 2009 H1 results as the Shanghai Composite passed the 3,000 mark. Over 10% of LFC's net income is derived from stocks listed on the Shanghai Stock Exchange.

China Unicom Ltd. (0762.HK: Quote, Profile , Research) (CHU: Quote, Profile, Research)(600050.SS: Quote, Profile, Research) is seen as better positioned than China Mobile in 3G roll out because CHL is doomed with a home grown TD-SCDMA protocol that has no viable handset yet.

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Overbought A technical condition that occurs when prices are considered too high and susceptible to a decline. Overbought conditions can be classified by analyzing the chart pattern or with indicators such as the one above. A sharp advance from $15 to $30 in 2 weeks might lead a technician to believe that a security is overbought. Or, a security is sometimes considered overbought when the stock is trading out of its trading envelope and is approaching the theoretical high. It is important to keep in mind that overbought is not necessarily the same as being bearish. It merely infers that the stock has risen too far too fast and might be due for a pullback.

Oversold A technical condition that occurs when prices are considered too low and ripe for a rally. Oversold conditions can be classified by analyzing the chart pattern or with indicators such as the one above. A sharp decline from $30 to $15 in 2 weeks might lead a technician to believe that a security is oversold. Or, a security is sometimes considered oversold when the stock is trading below its trading envelope and is approaching theoretical lows. It is important to keep in mind that oversold is not necessarily the same as being bullish. It merely infers that the security has fallen too far too fast and may be due for a reaction rally.



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