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China Shares Succumb to Profit Taking in Asia on Tuesday

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profit_1Nov. 17, 2009 (Chinavestor) Chinese stock fell in Hong Kong but traded sideways in Shanghai following weeks of strong gains. Chinese airliners fell the most after weeks of strong gains while resource, energy and metal players remained resilient. Producer price index for October is the biggest news on the economic front for today. On the earnings front, E-House Holdings (NYSE:EJ) reports before the Bell today while widely watched NetEase.com Inc. (NASDAQ:NTES) is going to report after the close. Sina Corp. (NASDAQ:SINA) reported better-then-expected on Monday after the close, setting a positive tone for NetEase.com.

 

Chinese shares have accumulated a significant amount of momentum lately on the back of strong market sentiment. But be careful, American indices are now overbought, especially the DJIA, suggesting a breather is on the way. The Chinese real estate ETF (NYSE:TAO) has more ground to make up, according to the overbought/oversold indicator at the bottom of the page.

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