(Sept. 25, 2009 - Chinavestor) Chinese shares fell in Asia ending the week on a low tone on Friday. The Shanghai Composite Index shed another 14.71 points or 0.52% on Friday but is off 123.82 points or 4.18%for the week. The index lost its shine after weakness in the financial sector earlier this week weighted on the market.
Stocks recovered by the close in Hong Kong on Friday, ending the index 26.33 points or 0.13% lower for the day but the index is off 600 points for the week following the big drop on Thursday. But China Eastern Airlines (HKG:0670)(NYSE:CEA) managed to eke out a small gain for the week and rose on Friday on the back of the outlook for the sector. The following NYSE-HKEx cross-listed blue chips traded higher on Friday in Hong Kong: China southern Airlines (NYSE:ZNH), China Life Insurance Co. (NYSE:LFC), Yanzhou Coal (NYSE:YZC), China Telecom (NYSE:CHA), and China Unicom (NYSE:CHU).
Index futures turned south following weak durable goods orders reports. This in turn spells trouble for China ADRs on Friday. For a list of the most overbought China stocks, look up today's report: "China stocks on the move". These stocks are in a danger zone and investors have to exercise caution today.
Chinese ETFs are tracking China indices lower. It looks as if the iShanres FTSE/Xinhuna 25 Index (NYSE:FXI) ran ahead of the Hang Seng Index. Please take a look at the following chart for a list of the most common Chinese ETFs.
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