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China stocks fell on profit taking, valuation

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worry_1Nov. 12, 2009 (Chinavestor) Shares of Chinese companies fell in Asia on Thursday. The Hang Seng Index declined -229.64 points or -1.01% to 22,397.57 points at the close. Despite the loss in the index, Chinese airliners continued to show strength. China Eastern Airlines (NYSE:CEA) advanced 9.2% for the day followed by China South Air (NYSE:ZNH). Passenger traffic bounced back up in China making a case for undervalued carriers. China Eastern Air (NYSE:CEA) reported an 14% jump in October traffic.

The Shanghai Composite shed -2.25 points or -0.07% to 3,172.95 at the close. While China reported strong economic growth numbers the day before, investors assume that most of those numbers have already been incorporated into stock prices. The Shanghai Composite advanced 9.8% in the last 30 days.

Index futures point to a lower open follwong strong gainsin the last five days. The DJIA advanced 5.96% from last Thursday. Jobless claims and October foreclosures readings came out better then expected, a possible catalyst for the market for the rest of the day.

Chinese ADRs have been strong but are not overbought yet, suggesting more upside for the short run.

pre-1112

Chinese ETFs are in line with underlying indices for the most part. Global shipping ETF (NYSE:SEA) has been particularly strong in the lat five days - just as we suggested is gong to happen. And while SEA has made significant advanced, there is more upside left fro this ETF, according to the following chart.

index-1112



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