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Chinese banks and property stocks slip in Asia on Thursday

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decline3 April 22, 2010 (Chinavestor) Chinese stocks suffered in Asia on Thursday as investors anticipate additional measures to curb property investment. Banks, real estate stocks dragged the Shanghai Composite Index (SHA:000001) -1.1% lower to under 3,000. The sell-off was universal, stocks that fell outnumbered those that advanced 10:1.

Trading in Hong Kong was similar except that airliners - China Eastern Airlines (HKG:0670) and China Southern Airlines (HKG:1055) advanced +3.7% and 3.6%, respectively, thanks to strong 2009 financial reports earlier the week. Sinopec Shanghai Petrochemical (HKG:0338) (NYSE:SHI), a large integrated ethylene and propylene maker, jumped +6.1% after 2009 Annual Report surprised investors to the upside.

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Chinese ADRs are expected to trail U.S. market lower at he open. Index futures retreated following Greece's ills, again. Expect the dollar to strengthen, a safe heaven during market calamity, sending commodity, oil and energy stocks lower for the day. Chinese solar stocks are in danger ahead the bell today. But Chinese airliners, China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH), and Sinopec Shanghai Petrochemical (NYSE:SHI) are expected to outperform the broad market.

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The Shanghai Composite Index (SHA:000001) isn't oversold yet, suggesting more downside is possible despite significant contraction in the week. Treasuries yield fell substantially, suggesting the dollar will strengthen hurting commodity and energy stocks for the day.

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