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Friday outlook for China stocks is gloomy

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pre-6-11-tumb(Oct. 2, 2009 - Chinavestor) While Shanghai is close due to the week long holiday celebrating the 60th anniversary of communist rule in China, the Hong Kong market was open and reacted to the 200 points drop of the DJIA yesterday. The reaction was harsh, indiscriminate selling all across the boards. From  the 44 member Hang Send Index only one, TravelSky Technology (HKG:0696) managed to stay above the water. Airliners led the decline with China Eastern Air (HKG:0670) falling 4.9% followed by Air China and China Southern Air. But Aluminum Corp. of China (HKG:2600) and the oil sector got hammered as well. 

Index futures dropped following weak jobless data, suggesting the slide in Chinese stocks is not over just yet. For individual stock coverage, visit today's overbought/oversold report.

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When it comes to Chinese and related ETFs, the picture reflects on the fall of major indices. The surprise comes from the FXI with a larger than expected relative contraction.  But don't expect this large ETF to recover today - FXI can't fight he market. But FXI might come handy if you can pick it up at the bottom of the current dip.

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