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March 18, 2010 (Chinavestor) Shares of Chinese companies were looking for direction in Asia as investors mulled prospects of fiscal tightening and global recovery. The Shanghai Composite (SHA:000001) shed -4.39 points or -0.14% to 3,046.09 at the end. The Hang Seng Index (INDEXHANGSENG:.HSI) in Hong Kong fell -52.82 points or -0.25% to 21,330.67. Shares of China Shenhua (HKG:1088) (SHA:601088), the largest Chinese coal miner, fell -1.9% in Hong Kong while A-shares of the company advanced +0.3% in Shanghai. But shares of China Mobile (HKG:0941) (NYSE:CHL), the largest mobile carrier in the world by subscriber base, advanced 1.26% in Hong Kong as earnings beat expectations. Expect a strong NYSE showing today as well. The Chinese airline sector caught fire in Hong Kong on Thursday. Shares of China Eastern Airline (HKG:0670) (NYSE:CEA) jumped +5.6% followed by China Southern Airline (HKG:1055) (NYSE:ZNH) with a +5.2% advance. Shares of Air China (HKG:0753) rose +2.0%.
Earnings will remain in focus for U.S. listed Chinese stocks on Thursday. Strong earnings helped KongZhong Corp. (NASDAQ:KONG) to jump +20.8% but shares of HQ Sustainable Maritime (AMEX:HQS), WuXi Pharma (NYSE:WX), Jinpan Int. (NASDAQ:JST), China One Sky Media (NASDAQ:CSKI), Acorn Int. (NYSE:ATV) and American Oriental Bio (NYSE:AOB) are all in the red following disappointing financial results.
Small cap stocks outperformed large caps in Asia on Thursday. The five best performing components of the China Small Cap Index way outperformed those of the large caps while deviation among the five worst stocks is much smaller.
The majority of Chinese ADRs have been trading in a narrow range. The number of China stocks trading above the 20-DMA, 50-DMA and 200-DMA is virtually unchanged.
Chinese indices are unchanged from a week ago but the significant shift from cash to equities is apparent. The drop in the 10-year Treasuries while U.S .indices are on a winning streak suggests the rally is not over.
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