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World markets fall on Greece's ills

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decline_7 April 8, 2010 (Chinavestor) Advancing over +4% in the last two weeks, the Hang Seng Index (INDEXHANGSENG:.HSI) was ready to take a break. The same was true for the Shanghai Composite Index (SHA:000001) after advancing +101.87 points or +3.33% from March 25 to April 6. Let's add Greece's difficulty to pay its debt and disappointing consumer credit data from the U.S. for March and the stage is set for a market correction. The Hang Seng Index (INDEXHANGSENG:.HSI) fell -61.7 points or -0.3% to 21,867.04 by the close. stocks that fell outnumbered those that advanced four to one. China Southern Airlines (HKG:1171) (NYSE:ZNH) and China Mobile (HKG:0941) (NYSE:CHL), the world's largest mobile carrier, advanced despite a weak market sentiment. Shares of China Unicom (HKG:0762) (NYSE:CHU) rose +1.2% but investors took profits off long time favorite China Telecom (HKG:0728) (NYSE:CHA). The rally of energy stocks hit a roadblock; CNOOC Ltd. (HKG:0883) (NYSE:CEO) gave back -2.2% while Yanzhou Coal (HKG:1171) (NYSE:YZC) tumbled -2.8%.

 

The sell-off was universal in Shanghai, the number of stocks that fell outnumbered those that gained ten to one. The Shanghai Composite Index (SHA:000001) fell -29.51 points or -0.9% to 3,118.71 by the close. Trading was suspended for index heavy weight Industrial and Commercial Bank of China (SHA:601398) while Petrochina Co Ltd. (SHA:601857), another index behemoth, lost -1.2%. Stocks that advanced the most in recent rally, mining and resource plays, became vulnerable and experienced the largest profit taking.

 

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Chinese stocks listed in American exchanges look vulnerable ahead of the Bell on Thursday.

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Chinese ETFs listed on the NYSE are ahead of Chinese indices in Hong Kong and the Mainland. This in turn suggests a correction is inevitable. The FXI is ahead of the  Hang Seng Index (INDEXHANGSENG:.HSI) as the following technical indicator suggests. While the global shipping ETF looks under appreciated, Chinese shipping companies fell in Hong Kong on Thursday, limiting upside for the NYSE:SEA ETF.

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