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China stocks shed in Asia as the dollar gains strength

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cash2Dec. 8, 2009 (Chinavestor) Chinese stocks fell in Shanghai and Hong Kong on Tuesday as investors switched to treasuries from equities betting on the strengthening dollar. The Hang Seng Composite fell -264.44 points or -1.18% while the Shanghai Composite Index shed -34.06 points or -1.02% to 3,297.83 at the close. H-shares of China Telecom (HKG:0728) (NYSE:CHA), Aluminum Corp. of China (HKG:2600) (NYSE:ACH), China Life Insurance (HKG:2628) (NYSE:LFC) and Petrochina (HKG:0857) (NYSE:PTR) fell the most among HKEx-NYSE cross-listed blue chips in Hong Kong on Tuesday. But shares of China Eastern Airlines (HKG:1055) (NYSE:CEA) continued to shine.

Index futures point to a lower open ahead the Bell on Tuesday. Investors bet on the U.S. dollar and have been buying treasuries instead. This is clearly reflected in the overbought/oversold monitor at the bottom of the report. For stock specific information please read "China sector rotation lifts solar stocks".

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