May 17, 2011 (Chinavestor) Chinese stocks traded sideways on Tuesday after heavy losses a day before. The Shanghai Composite Index (SHA:000001) eked out a small gain of 3.7 points or 0.1% while the Hang Seng Index (INDEXHANGSENG:.HSI) fell 59.6 points or 0.3%.
While the advance of the Shanghai Composite Index (SHA:000001) was small, the number of stocks advancing was relatively large. Stocks that advanced outnumbered those that fell eight to one among the 50 largest components of the index.
Most components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) advanced in Asia, bonding ill for the ETF. But small caps were different in Asia; just about the same number of stocks fell as those that advanced among the 162 components of the Guggenheim Small Cap China ETF (NYSE:HAO).
Earnings continue to drive China stocks to extremes. KongZhong Corp. (NASDAQ:KONG) and China Housing & Land Development (NASDAQ:CHLN) collapsed but Telestone Technologies (TSTC) and CNinsure (NASDAQ:CISG) skyrocketed. More upcoming earnings: see calendar here.