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China stocks in HK trail U.S. lower but Shanghai stands firm

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buy_sell_2 March 22, 2010 (Chinavestor) Greece's ills continue to haunt global markets, including Hong Kong. The Hang Seng Index (INDEXHANGSENG:.HSI) fell -437.57 points or -2.05% on Monday while index futures point to a sharply lower open for American exchanges. Investors fear that Greece's inability to pay its debt may spread over to Portugal, Spain or event to Italy, hampering a smooth global economic recovery. Stocks that fell outnumbered those that advanced eight to one among the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) components. Shares of China Telecom (HKG:0728) were unchanged after a dismal 2009 annual report. China Telecom 2009 H2 revenue increase but net income shrinks. Airliners advanced in HK but resource and metal plays fell. Shares of Aluminum Corp. of China (HKG:2600) (NYSE:ACH) declined -4.0%, Angang Steel (HKG:0347) shed -3.4% in Hong Kong.

Trading was different in Shanghai though. The Shanghai Composite (SHA:000001) was trading sideways, ending the day +6.83 points or +0.22% higher on Monday. Stocks that advanced outnumbered those that fell two to one among the largest 50 Chinese stocks. Shares of China South Locomotive (SHA:601766) rose +3.3% after the company reported its first subway export order. Hopes run high that more orders are to follow. Financials pulled the index higher but metal and commodity stocks suffered as the dollar strengthened. Shares of Aluminum Corp. of China (SHA:601600), the largest Chinese aluminum maker, fell -2.7% on Monday. Baoshan Iron & Steel (SHA:600019), the largest Chinese iron and steel conglomerate, fell -1.1% just like Jiangxi Copper (SHA:600362), the largest producer of the metal.

pre-2010322ETF

Outlook for U.S. listed Chinese stocks is dim thanks to weak index futures ahead of the bell. Expect Aluminum Corp. of China (NYSE:ACH) to under-perform along China Telecom (NYSE:CHA). Weakness on Friday took a toll on the momentum of Chinese ADRs. The number of overbought China plays is down to two - with City Telecom (NASDAQ:CTEL) taking the lead. Number of oversold plays are up, FUQI International (NASDAQ:FUQI) fell -44% for the week on accusation of financial misdoings. For a list of oversold China plays like HQ Sustainable Maritime (AMEX:HQS) read today's overbought/oversold  report.

pre-2010322HK

Momentum is back in Shanghai but is in short supply in Hong Kong as the following technical indicator suggests. Most ETFs, indices and key commodities have been trading in a narrow range.

index-2010322

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