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China stocks take a breather in Asia on Tuesday

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decline_7 March 2, 2010 (Chinavestor) Shares of Chinese companies fell on Tuesday after a strong market day on Monday. The Hang Seng Index fell -150.82 points or -0.72% to 20,906.11 while the Shanghai Composite shed -14.73 points or -0.48% to 3,073.11 at the close. China Eastern Airlines (HKG:0670) fell second day in row after a spectacular advance last week. China Unicom (HKG:0762) advanced +0.6% on a Deutsche Bank upgrade to Buy from Sell last Friday and Aluminum Corp. of China (HKG:2600) rose +0.5% as commodity prices firmed up.

The earnings calendar is full of action with Chinese online gamers reporting yesterday along with Mindray Medical (NYSE:MR) and AirMedia Group (NASDAQ:AMCN) reporting after the close. VisionChina Media (NASDAQ:VISN) and China Nepstar Chain Drugstore (NYSE:NPD) are reporting before the open on Tuesday - expect additional volatility from these four stocks.

Mindray Medical reported strong revenue and earnings growth but guided below estimates - and is trading lower. Read Chinavestors' related story: Mindray trading at a discount - 2009 Q4 reflections.

Chinese ADRs have been getting peppy lately as evidenced by the increasing number of overbought/oversold stocks and the increasing number of China stocks trading above 50-DMA.

Another development the overbought/oversold chart on the bottom of the page caught is the shift from treasuries (cash) to equities as appetite for risk returns.

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