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China stocks looking for direction, May 17

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questionmark 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.

pre_2011517

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).

pre_2011517_etf

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.



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