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China share down in Asia on bank fears

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bank_1Nov. 24, 2009 (Chinavestor) China stock fell in Asia following news that banks will have to sell shares to raise capital. Chinese banks recoded record loan growth in 2009, part of Beijing's policies to spur economic growth, but submitted plans to raise capital after depleting their reserves. But the outlook for Chinese ADRs is not that grim as U.S. investors wait for the latest GDP data. If index futures stay in the black, expect Chinese momentum stocks do well on Tuesday.

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Looking at Chinese ETFs and indices, the Morgan Stanley China Fund (NYSE:CAF) is in trouble after the Shanghai Composite Index fell over 3% on Tuesday. And just how accurate the overbought/oversold indicator can be, see what we just said yesterday about the Chinese real estate ETF:

"Another possible winner for the day is the Claymore AlphaShares China Real Estate ETF (NYSE:TAO)."

Given that TAO jumped big on Monday, our prediction proved to be right.

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