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HK, Shanghai lower on economic fears

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decline_7 Feb. 8, 2010 (Chinavestor) Volatile trading characterized Hong Kong's Hang Seng Index on Monday, sending the gauge to a 5 month low by the end of the day. The Hang Seng Index fell -114.19 points or -0.58% to 19,550.89 at the close. Commodity and oil stocks fell on the stronger dollar while the largest lender in China, Industrial and Commercial Bank of China (HKG:1398), wighted down the index on credit tightening concerns. Looking at NYSE-HKEx cross-listed blue chips, China Mobile (HKG:0941) (NYSE:CHL) advanced +2.1% making it the best of the group while Yanzhou Coal (HKG:1171) NYSE:YZC) and Aluminum Corp. of China (HKG:2600) (NYSE:ACH) fell -3.3% and -2.0%, respectively.

Index futures point to a mixed open for Chinese stocks. Solar stocks caught fire on Firday, a trend that is likely to continue for the rest of the week. Solar plays will start reporting earnings this week, shedding some light into the finanical health of the sector. Shares of Baidu.com (NASDAQ:BIDU) rose $7.94 on Friday ahead of earnings. China's largest search engine company is due on February 9 after the close.

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Looking at Chinese indices, ETFs and major commodities the relatively wide gap between Chines large cap stocks (NYSE:FXI) and small cap stocks (NYSE:HAO) is significant. This gap suggests when markets will turn around, small cap stocks will outperform their larger counterparts. Bottom fishing investors should listen...

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