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China stocks mixed in Asia ahead of Bernanke testimony

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Asia_2 Feb. 24, 2010 (Chinavestor) Chinese share have been on a roller coaster ride for the week. The Hang Seng Index advanced on Monday to Tuesday and fell on Wednesday, just the opposite of the Shanghai Composite. The mainland's most widely used index fell on Monday to Tuesday and advanced on Wednesday. Clearly, the markets are looking for a direction.

Chinese airliners have been outperforming for the week with Wednesday no exception. China Eastern Airlines (HKG:0670) advanced 3.0% in Hong Kong on Wednesday, making it the best performer among the Hang Seng Index components. Actually the company was the only NYSE-HKEx cross-listed blue chip that advanced on Wednesday. Oil companies fell, CNOOC Ltd. (HKG:0883) and Petrochina (HKG:0857) weighted down the index along with Aluminum Corp. of China (HKG:2600). But we've spotted increased institutional interest for shares of Yanzhou Coal (HKG:1171) - this time Alliance Bernstein accumulated an additional 3,000,000 H-shares of China's third largest coal miner.

Index futures point to a slightly higher open for American exchanges. The China stock earnings calendar is getting more interesting by the day - this time the most profitable Chinese online game developer and operator, NetEase.com Inc. (NASDAQ:NTES) is going to report after the close. Ramifications will be felt by the rest of the sector, expect smaller plays to react sharply to the news. Giant Interactive (NYSE:GA) has been volatile - a company to release earnings of its own on March 4 after the close. Perfect World (NASDAQ:PWRD), Shanda Interactive (NASDAQ:SNDA) and Shanda Games (NASDAQ:GAME) are going to react to NetEase.com's earnings.

Another stock to watch on Wednesday is Tongxin International (NASDAQ:TXIC). This small cap Chinese commercial vehicle part manufacturer announced 2009 full year guidance above estimates on Tuesday - yet the stock failed to gain momentum. A potential 20% upside is within the stock - but you never know what's going to happen to small caps. They're just too unpredictable.

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Another indication that the markets are looking for direction is the little activity in the following screen. This overbought / oversold screen tracks Chinese ETFs, indices and key commodities. Most, if not all, components of the indicator are trading in a narrow range far from extremes - an indication that the market is really in a limbo.

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