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China stocks trade sideways in Asia on Tuesday

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Asia_1 March 9, 2010 (Chinavestor) Shares of Chinese companies traded in a narrow range in Hong Kong and in Shanghai on Tuesday. The Shanghai Composite (SHA:000001) advanced +15.91 points or  +0.52% to +3,069.14 at the close. The Hang Seng Index rose +10.68 points or +.05% to 21,207.55 at the end of the day. Large cap index heavy weight stocks didn't move, Petrochina (HGK:0857) was unchanged while China Mobile (HKG:0941) rose +0.1%. The rest of the telecom sector fell; China Unicom (HKG:0762) dived -1.4% while shares of China Telecom (HKG:0728) shed -0.8%. Stocks that outperformed in Hong Kong include China Southern Airlines (HKG:1055) that surged +7.0% after an analyst upgrade. China Life Insurance (HKG:2628) advanced +3.0% following improved bottom line forecast for 2009. Shares of smaller rival Ping An Insurance (HKG:2318) rose +2.9% on the news.

 

Chinese ADRs are gong to have a volatile trading session today. Earnings continue to roll in - E-House Holdings (NYSE:EJ), WuXi Pharma (NYSE:WX), are China Real Estate Info. (NASDAQ:CRIC) among those reporting today.

Short term momentum have dried up for U.S. listed Chinese stocks according to the narrowing band of the 20-DMA composite. But 50-DMA is up suggesting the halt may be just temporary. For more technical reading of the China ADR universe see chart on the bottom of the first report.

pre-201039

Chinese indices have been trading in a narrow range while U.S. markets experienced a significant upswing lately. The sudden jump in Treasuries is captured by the monitor below just as is that the strength of oil on Monday was temporary. Global shipping stocks haven't reached their full potential yet, according to the Claymore/AlphaShares Global Shipping ETF (NYSE:SEA).

index-201039

aexpl-obos



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