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Black Friday for China stocks in Asia

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decline3Nov. 27, 2009 (Chinavestor) News that Dubai was asking lenders to reschedule interest payment shook world markets world wide sending Chinese shares tumbling in Asia. But markets recovered from steep losses in Europe in the afternoon trading. The Hang Seng Index fell over -1,000 points or -4.8% on fears about the health of the global economy. Each and every component of the 44 member Hang Seng Index fell for the first time in 2009. Mining, resource and energy plays were hit the hardest. Chinese stocks led the decline, the HSCE index, measuring the performance of Mainland China stocks, fell 5.13%. Chinese stocks did a little better in Shanghai declining "only" -2.36%. The Shanghai Composite index shed -74.72 points or -2.36% to 3,096.26 at the close.

 

Index futures came off early morning lows but are still way down, indicating a steep fall for U.S. equities at the open. Expect Chinese ADRs to follow suit and fall even harder in the first half hour of trading. But investors have to realize that stocks that fall the hardest will come back the strongest, creating opportunity for the steel nerved investor. Momentum stocks will suffer the most but it will be worth paying attention to today's "Weekly Stock Buy and Sell List", distributed among Chinavestor Advanced Members, a list filled with stocks that are expected to do extremely well next week.

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The relative weakness in Hong Kong today is well captured by the arrow of the Hang Seng Index. Expect extreme market days ahead with lots of opportunities for the intelligent investor!

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