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China stocks fell on credit tightening fears in Asia

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decline_6 April 12, 2010 (Chinavestor) Chinese indices retreated in Asia as credit tightening fears sent developers lower. The Hang Seng Index (INDEXHANGSENG:.HSI) fell -70.3 points or -0.3% to 22,138.17 at the close. Airliners outperformed the market, each of the third largest carriers rose. Shares of China Eastern Airlines (HKG:0670) (NYSE:CEA) surged +1.5% while China Southern Airlines (HKG:1055) (NYSE:ZNH) and Air China (HKG:0753) rose +0.5%. Aluminum Corp. of China (HKG:2600) (NYSE:ACH) advanced +0.4%. But China Mobile (HKG:0941) fell -0.9% along a broad market decline. Steel and construction materials fell as investors shun real estate related stocks.

Trading in Shanghai was more bearish on Monday. The Shanghai Composite Index (SHA:000001) tumbled -16.08 points or -0.5% to 3,129.26 points at the close. The decline was universal, stocks that fell outnumbered those that advanced 10:1 out of the largest 50 listed stocks. NYSE cross-listed Aluminum Corp. of China (SHA:601600) (NYSE:ACH) and Petrochina Co. Ltd. (SHA:601857) (NYSE:PTR) fell only -0.4% but Sinopec (SHA:600028), Asia's largest refiner, tumbled -2.2%. China Life Insurance (SHA:601628) (NYSE:LFC), the largest Chinese life insurer, fell -1.9%.

pre_2010412_ETF

If Hong Kong can serve as a proxy for U.S. listed Chinese shares expect Aluminum Corp. of China (NYSE:ACH), China Southern Airlines (NYSE:ZNH) and China Eastern Airlines (NYSE:CEA) do well but expect China Mobile (NYSE:CHL) to underperform on the NYSE today.

There has been heavy institutional selling of China Telecom (HKG:0728) in Hong Kong lately, as the following indicator testifies. This might explain the recent surge of China Mobile (NYSE:CHL) and China Unicom (NYSE:CHU).

The number of Chinese ADRs trading above 50-DMA is high and on the rise, a clear testimony of the bullish sentiment Chinese ADRs have enjoyed. The relative low number of overbought China ADRs suggest the rally was even and a sharp correction is not imminent.

pre_2010412_HK

Chinese and American indices along with major economic indicators have been trading in a narrowing range lately. But it looks like that the iShares FTSE/Xinhua 25 Index (NYSE:FXI) is ahead of the curve thus suggesting a correction is on the way.

index_2010412

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