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China stocks dive in Asia on U.S. sell-off

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decline3 August 3, 2011 (Chinavestor) China stocks fell in Asia on Wednesday following the sharp sell-off in the U.S. a day before. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 428.7 points or 1.9%, the most in three months. The Shanghai Composite Index (SHA:000001) shed 0.8 points or 0.0% as investors were focusing on Chinese macro economic data. The sell-off was universal in Hong Kong where all but two components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI)  ended lower for the day. Chinese shipping lanes continued to lead the decline as exports from China are expected to slow as the U.S. economic recovery falters. U.S. consumer sentiment and income growth were showing that the American public is not spending, hurting export outlook from China.

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Looking at trading of components of key Chinese ETFs in Asia this morning, the picture is bleek for large caps. Each and every component of the Xinhua China 25 Index fell, boding ill for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). This most liquid Chinese ETF serves as a proxy for large cap Chinese ADRs.

The decline was less universal among smaller names as components of the Guggenheim China Small Cap ETF (NYSE:HAO) testify.

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Earnings hurt Ctrip.com Int. (NASDAQ:CTRP) on Tuesday sending the stock 10.9% lower for the day. but AgFeed Industries (NASDAQ:FEED) fell 32.7%, making it the worst performing Chinese ADR for the day. VisionChina Media (NASDAQVISN) and China Nepstar (NYSE:NPD) fell over 10% on Tuesday as well

Chinese airliners and Guangshen Railway (NYSE:GSH) are the safest large cap stocks if components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxy. But Chinese coal miners fell hard among components of the Shanghai Composite index (SHA:000001), casting shadow over outlook for Yanzhou Coal Mining co. Ltd. (NYSE:YZC).



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