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China stocks fell the most in five weeks in Asia

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decline2 March 4, 2010 (Chinavestor) Shares of Chinese companies fell at the fastest pace in Asia on Thursday ahead of February inflation numbers. The Hang Seng Index declined -301.01 points or --1.44% while the Shanghai Composite Index tumbled -73.63 points or -2.38% to 3,023.37 at the close. Investors fear that accelerating inflation will prompt the Central Bank to raise interest rates and curb lending. The prospect of an interest rate hike spooked markets while a lending crunch sent shares of financial institutions and real estate developers tumbling. The decline was universal in Hong Kong, stocks that fell outnumbered those that advanced five to one. China Eastern Airlines (HKG:0670) fell fourth day in a row, a spectacular opposite of a five day wining streak last week.

Volatility is back for Chinese ADRs as well. The number of oversold and overbought China stocks listed on American stock exchanges is on the rise as the following indicators testify. Significant earnings from last night include Sina Corp. (NASDAQ:SINA), Home Inns & Hotel Mgmt. (NASDAQ:HMIN) and eLong Inc. (NASDAQ:LONG). China Medical (NASDAQ:CMED) and Suntech Power (NYSE:STP) reported before the open. Canadian Solar (NASDAQ:CSIQ) reported earlier the week and as more earnings roll out the Chinese solar sector is gaining its shine back. Shares of STP are trading 6% higher before the open.

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