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Shanghai enters bear market in August

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bear_1(Aug. 31, 2009 - Chinavestor) Chinese shares fell in Shanghai and Hong Kong on Monday ending the worst month in 2099 for China stock investors. The Shanghai Composite fell -192.94 points or 6.74% to 2,667.75 points on concerns that credit tightening has already started in China. Weak corporate profits added to the panic mode, sending share prices of large cap companies down to the daily 10% limit. Aluminum Corp. of China (NYSE:ACH)(SHA:601600) A-shares fell on earnings concerns, Sinopec (NYSE:SNP)(SHA:600028) A-shares fell hard on fuel price concern. But the financial sector softened the fall as Industrial and Commercial Bank of China (SHA:601398), the largest Chinese lender, fell only 3.46%. 

Hong Kong listed China shares fared better on Monday. The Hang Seng Index fell 374.43 points or 1.86% on economic concerns. Chinese airliners, resource player and refiners felt a pinch but China Unicom (NYSE:CHU)(HKG:0762) H-shares managed to eke out gains. Only four stocks out of the forty four member Hang Seng Index ended the day higher.

The sell-off in Asia prompted U.S. index futures to head south before the bell. Expect Aluminum Corp. of China (NYSE:ACH), China Petroleum & Chemical Corp. (NYSE:SNP), and Chinese airliners such as China Southern Airline (YSE:ZNH) and China Eastern Airline (NYSE:CEA) to under-perform on Monday.

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Looking at Chinese indices and their trailing ETFs from a technical point of view, the Shanghai Composite Index (SHA:000001) is now technically oversold. The Morgan Stanley China (NYSE:CAF) ETF is not oversold as much just yet, but downside pressure mounts. The iShares FTSE/Xinhua 25 Index (NYSE:FXI) is holding its ground, just as is the Hang Seng Index (INDEXHANGSENG:.HSI).

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