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March 12, 2010 (Chinavestor) There is not much direction to find for U.S .listed Chinese stocks in Asia these days. The Hang Seng Index (INDEXHANGSENG:.HSI) has been virtually unchanged for the week as investors digest the latest round of economic news from Asia, China and the U.S. Chinese airliners popped this week, Air China (HKG:0753) taking the turn on Friday. Shares of China's third largest airliner jumped +11.1% while shares of her hub, Beijing Airport (HKG:0694), advanced +4.6% the same time. China Eastern Airline (HKG:0670) has a significant run last February followed by China Southern Airlines (HKG:1055) (NYSE:CEA) this week. But just as trees don't grow to the sky stock prices don't advance forever either. Shares of China Southern Airlines (HKG:1055) (NYSE:ZNH) fell two days in a row by Friday. Yanzhou Coal (HKG:1171) (NYSE:YZC) was the best performing HKEx-NYSE cross-listed blue chip this morning advancing +1.2%.
Raising inflation put pressure on stock prices in Shanghai in the second part of the week. The Shanghai Composite Index (SHA:000001) fell -37.87 points or -1.24% on Friday as investors sold off property and financial stocks. But insurers advanced for the week, led by China Life Insurance (SHA:601628) following higher profit guidance for 2009. China Life Forecast Profit Growth of 200% in 2009. Shares of smaller rival Ping An Ins. (SHA:601318) rose +2.6% for the week. NYSE cross-listed China Petroleum & Chemical Corp. (SHA:600028), known as Sinopec (NYSE:SNP), advanced +2.4% for the week while index heavy weight Petrochina (SHA:601857) traded sideways.
With no direction from Asia, American listed China stocks are driven by U.S. market sentiment and earnings. UTStarcom (NASDAQ:UTSI) released numbers after the close on Thursday; Acorn International (NYSE:ATV) is going to report on Friday. Financial reports from the Chinese solar sector is almost complete after China Sunergy (NASDAQ:CSUN) released numbers on Thursday. China Sunergy back to a loss, tails sector. Expect China Southern Airlines (NYSE:ZNH) to fall back for two reasons. For one, the stock was overbought and for two, Hong Kong listed H-shares (HKG:1055) fell -2.3% on Friday.
Chinese indices have been trading in a narrow range, as the following chart testifies. The Hang Seng Index (INDEXHANGSENG:.HSI) is back to where it was a week ago. Chinese stocks are looking for a reason to advance - and in the meantime earnings dominate.
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