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China stocks to follow market sentiment

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buy-sell(Oct. 21, 2009 - Chinavestor) Comments of bearish analysts and weak economic data pushed the DJIA lower on Tuesday raising concerns about the overall health of the economy. The shift in investros' confidence plagued markets world wide, sending China stocks to slide in Asia. Better then expected earnings from Deutsche Bank was unable to keep European markets in the black; the FTSE 100, CAC-40 and DAX took a turn to worse after a positive open.

Chinese shares fell in Shanghai led by energy and commodity stocks. Yanzhou Coal (SHA:600188) (NYSE:YZC) fell 2.5% followed by China Shenhua Energy (SHA:601088). Shares of China's largest oil producer Petrochina (SHA:601857) (NYSE:PTR) shed 0.80%. Jiangxi Copper (SHA:600362) shed -0.77% after reporting a 46% drop in net income. But financial and real estate stocks held ground, helping the Shanghai Composite to shed only -13.86 points orĀ  -0.45% to 3,070.59 at the close.

Trading in Hong Kong reflected international market sentiment, sending the Hang Seng index -66.85 points lower. While most stocks advanced, weakness in the telecommunications and energy sectors weighted down the index. Index heavy weight Petrochina (HKG:0857) and China Mobile (HKG:0941) fellĀ  followed by CNOOC ltd. (HKG:0883) (NYSE:CEO), China Telecom (HKG:0728) (NYSE:CHA) and China Unicom (HKG:0762) (NYSE:CHU). All three Chinese telecoms reported negative or dismal earnings growth raising fears if the telecom market has already saturated.

Index futures point to a lower open but have moved from the lows, a promising dynamics. The mood on the Street is driven by earnings and it's difficult to tell at this point where we're going to finish the day.

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When it comes to Chinese indices and ETFs, most of the mare under pressure. But the real estate ETF, TAO, is expected to fare better today then the rest of the China ETF universe.

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