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China stocks pause in Asia on Friday

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Chinese stock succumbed to profit taking in Hong Kong while tightening fiscal policies sent the Shanghai Composite in the red on Friday. The Hang Seng index dived 523.87 points or 2.51% to 20,375.37. Still , it is the first week for the index to close above the 20,000 mark for a week in 2009. But selling was universal, only China Mobile (HKG:0941)(NYSE:CHL) and PCCW (HKG:0008) rose versus 42 stock fell out of the 44 member Hang Seng Index. Airliners, iron market and other resource players felt the pinch the most.

Trading in Shanghai marked the third day of consecutive selling, something not sees since May 26. The Shanghai Composite lost 95.64 points or 2.85% to 3,260.69 on Friday. With large number of retail investors flocking the market, herd behaviour becomes a driving force. As a result, the index experiences extreme volatility driving conservative investors crazy. But the overall trend is still north for the index and expect it to do well on Monday.

The picture is rosy for American investors looking into Chinese stocks. The index futures just turned north following better then expected non-farm payroll data. Expect China Mobile (NYSE:CHL), Huaneng Power (NYSE:HNP) and other stocks with strong momentum to shine on Friday.

 



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