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Shanghai Composite off 20% 2009 highs

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pre-market_thumb_6-3(Aug. 19, 2009 - Chinavestor) The Shanghai Composite Index fell another 125 points to 2,785.58 on Wednesday on global economic worries and credit tightening. This marks a 19.76% decline from 3,471.44 points, a 2009 record for the index on August 4. Some think China now entered into bear territory but I'm on the view that this is a correction that was due and now it's time to pick up value stocks again.

The Hang Seng Index was trading water in the morning session but dropped over 300 points at the opening of the afternoon session on economic worries. Sinopec (HKG:0386)(NYSE:SNP) reported that oil and related refined products sales fell in July, adding worries that domestic consumption is not as strong as believed. Metal and oil prices fell, sending Aluminum Corp. of China (HKG:2600)(NYSE:ACH) down 4.1% in Hong Kong. Steel and iron markets suffered just as much.

American listed Chinese stock look good from a technical point of view but it will be difficult to overcome the strong negative sentiment from Asia. Expect metals - ACH - and commodity players such as Yanzhou Coal (NYSE:YZC) to suffer on Wednesday.

 

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When it comes to Chinese indices and their trialing ETFs, the Shanghai Composite looks oversold. So is the Morgan Stanley China (NYSE:CAF), suggesting a bullish sentiment. But don't buy CAF at the open today but wait until 3:30 or more and pick up some shares then. hope you'll make money. Again, this is just an assumption and don't hold me liable for such an advice.

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