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World markets tumble on Greek worries

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decline_6 April 28, 2010 (Chinavestor) World stocks markets fell on Wednesday as Greece's debt crisis unfolded with Portugal receiving a credit downgrade. The DJIA fell 213 points in biggest one day loss since February 4, 2010. All but two components of the 30 member index fell on Tuesday.

Chinese investors remained cautious as the government continues to clamp down on the property market. The Shanghai Composite Index (SHA:000001) shed -7.6 points or -0.3%, far less than most international markets. Stocks in Shanghai have fallen for the fifth day in a row but at a slower pace, suggesting bottom fishing has begun. Stocks that fell were in line with those that advanced in Shanghai, a sharp contrast to the rest of Asia. The Hang Seng Index (INDEXHANGSENG:.HSI) in Hong Kong fell -312.4 points or -1.5% on top of a 200 points loss a day before. Stocks that fell outnumbered those that advanced 10:1 in the city state.

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Two NYSE-HKEx cross-listed stocks, China Unicom (HKG:0762) (NYSE:CHU) and China Southern Airlines (HKG:1055) (NYSE:ZNH), advanced in Hong Kong on Wednesday. But plunging metal and commodity prices sent shares of Aluminum Corp. of China (HKG:2600) and Yanzhou Coal (HKG:1171) down -2.8% and -2.6%, respectively. 

Chinese ADRs suffered a serious blow in the last few days. There aren't any technically overbought China ADR left while the number of oversold China plays are on the rise. The number of Chinese ADRs trading above 20-DMA or 50-DMA has been on the slide since last week and the relative strength index (RSI) measuring the performance of most Chinese ADRs has slid to the negative as well.

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The China ADR Index (CAI) fell just as hard as the Shanghai Composite Index (SHA:000001). Chinese real estate ETF (NYSE:TAO) has been suffering just as oil and the Treasuries have softened.

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