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China stocks ready for a correction

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pre-623-tumb(Sept. 21, 2009 - Chinavestor) China stocks traded sideways on Monday but fell in Hong Kong. With S&P index futures pointing to the south, expect China ADRs to follow suit.

The Hang Seng Index fell 150.6 points or 0.7% to 21,472.85 at the close. Hong Kong listed H-shares of China Eastern Airliners (NYSE:CEA) and China Southern Airlines (NYSE:ZNH) defied the trend and advanced, just as did China Mobile (NYSE:CHL). But stock that fell outnumbered those that advanced eight to one. Resourc,e energy and metal players all fell. expect NYSE listed Aluminum Corp. of China (NYSE:ACH) and Yanzhou Coal (NYSE:YZC) to perform poorly on Monday.

pre-921

Looking at Chinese indices and ETFs, the iShares FTSE/Xinhua 25 Index (NYSE:FXI) is in the danger zone as it is ahead of the Hang Seng Index. The Morgan Stanley China (NYSE:CAF) is just as much in danger, but NYSE:HAO and  NYSE:PGJ are better positioned to weather today's little storm.

index_921

expl-obos



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