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China stocks down in Asia on Monday

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Pre-6-10-tumb(Oct. 12, 2009 - Chinavestor) Chinese shares fell in Asia on Monday as soft commodity prices pressured resource plays. The Hang Seng Index fell 200.09 points or -0.93% to 21,299.35 at the close. Airliners, metal and commodity stocks suffered the most. Aluminum Corp. of China (HKG:2600) (NYSE:ACH) fell 2.6% followed by Yanzhou Coal (HKG:11710 (NYSE:YZC) and China Life Insurance (HKG:2628) (NYSE:LFC) among Hong Kong - New York cross-listed blue chips. The Hang Seng Index advanced 540 points or 2.6% last week, prompting profit taking on Monday ahead of a slew of earnings announcement in the U.S.

 

The Shanghai Composite Index, a wide gauge of the mood of mainland Chinese investors, changed course at least twelve time during the day before ending 17.23 points or -0.59% lower for the day. Automakers gained but steel, metal and commodity players dragged down the index on Monday.

But index futures point to a higher open on Monday, suggesting a strong start for Chinese ADRs. The earnings season kicks in high gear this week but don't expect much on Monday - a typically light trading day due to the observance of Columbus Day.

Pre-1012

Looking at Chinese indices and ETFs from a technical point of view below, the strength of certain Chinese ETFs are ahead of the curve.

index-1012

expl-obos



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