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Chinese stocks fell a record for a week in Shanghai

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decline_8 April 23, 2010 (Chinavestor) The Shanghai Composite Index (SHA:000001) fell -4.7% for the week, the  most in 2010, as the government is colling off the property market and curb investment. Investors sold off fearing that the measures will curb spending, sending retailers and auto shares lower on Friday. The index fell below the 3,000 level to 2,983.54 points: Saic Motor Co. (SHA:600104), the largest Chinese auto maker, fell -3.1% while Baoshan Iron & Steel (SHA:600019), the largest listed steel maker in China, declined -2.2%.

Traders were more bearish in Hong Kong on Friday, the Hang Seng Index fell -210.4 points or -1.0% to 21,244.19 points by the close. China Southern Airlines (HKG:1055) advanced +0.2% following a sixfold increase in quarterly profits while smaller rival China Eastern Airlines (HKG:0670) fell -3.2%. China Mobile (HKG:0941) outperformed by shedding only -0.1% while the rest of the telecom sector suffered. 

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Chinese ADRs are expected to trail the markets lower on Friday. Greece's ill continue to mount, sending investors back to the safety of the dollar and away from foreign markets like China. Commodity prices are expected to soften, hurting energy-oil and solar - stocks. But airliners may benefit from lower oil price - China Southern Airline remains explosive.

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Chinese real estate has been oversold - as the relative position of the NYSE:TAO ETF, tracking that sector, testifies. The rest of the indicators have been trading in a narrow range with no indication where the markets are heading ahead of the weekend.

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