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Jan. 18, 2010 (Chinavestor) The morning rally in Hong Kong was short lived and stocks succumbed to selling pressure in the afternoon session, sending the Hang Seng Index lower seventh day in row. The Hang Seng Index fell -194.15 points or -0.9% to 21,460.01 points at the close. Stocks that fell outnumbered those that advanced 2:1 out of the 44 member Hang Seng Index. Yanzhou Coal (HKG:1171) was the worst performing index component with a -4.8% dive followed by Chinese telecom shares. China Unicom (HKG:0762) (NYSE:CHCU) fell -3.9% followed closely by China Telecom (HKG:0728) (NYSE:CHA) and China Mobile (HKG:0941) (NYSE:CHL). But Guangshen Rail (HKG:0525) (NYSE:GSH) shined with a +5.8% advance after a JP Morgan analyst upgrade of the sector.
Trading was remarkably different in Shanghai. The Shanghai Composite Index advanced +12.95 points or +0.40% to 3,237.10 at the close. Tourism and travel related stocks advanced after Chinese President Hu Jintao visited the Shanghai Expo site, an exhibition that kicks off in May and will last for six months. Organizers expect 70 million visitors - a huge bonanza for hotels and travel companies. China Eastern Airline (SHA:600115), controlling over 50% of Shanghai skies, advanced +5.06% on Monday while Shanghai Jinjiang International Hotels Development Co. (SHA:600754), the largest hotel chain, rose +7.5%. Earnings have started to flow - Baoshan Iron & Steel (SHA:600019) reported 2009 net income of RMB 5.75 billion ($842 million), an 11% drop from 2008 but better then most metal makers. Aluminum Corp. of China (SHA:602600) warned a possible net loss for 2009. Shares of Huaneng Power (SHA:600011) (NYSE:HNP) advanced +2.04% following news that the company will issue equity in Shanghai worth RMB 8.55 billion ($1.25 billion) to lower debt burden and raise working capital.
Looking forward, earnings will dominate U.S. trading on Monday. Chinese ADRs are expected to follow overall market sentiment. For a stock specific break down, visit the overbought/ oversold report.
Most Chinese indices and ETFs have been on a retreat - but the disproportionate sell off of the Chinese real estate stocks seem not justified. The China real estate ETF (NYSE:TAO) is screaming off the following chart, suggesting it will be wise to pick up TAO at current prices.
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