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May 4, 2010 (Chinavestor) Traders in Hong Kong took merit from a strong U.S. market but Shanghai continued to fell on reserve ratio concerns. The DJIA advanced +143.2 points or 1.3%, the biggest point advance since Feb 16 as fresh data suggests the economy is on track of a solid growth. The Hang Seng Index (INDEXHANGSENG:.HSI) was in a positive territory for most of the day but eventually succumbed to Chinese domestic news, easing manufacturing data and increasing reserve ratios, ending the day -48.3 points or -0.2% lower at 20,763.05. Yanzhou Coal (HKG:1171) fell -2.9% on top of a -6.3% tumble a day before as Australia is muling a tax on resources. China's third largest coal miner bought Felix Resources, a large coal miner in Australia, last year. ZTE Corp. (HKG:0763) bounced back +2.6% after a 10% tumble last Friday following news that Chinese telecom equipment makers will be banned from India on national security concerns. Chinese airliners rose, China Eastern Airlines (HKG:670) rose +0.5% and China Southern Airlines (HKG:1055) advanced +0.7%. The Shanghai Expo has attracted over 500,000 visitors in the first three days, helping travel and leisure related stocks. Shares of Huaneng Power (HKG:0902) (NYSE:HNP) rose +0.7%.
Trading was different on the Mainland. The Shanghai Composite Index (SHA:000001) fell -35.3 points or -1.2% to 2,835.28 points by the close. The sell-off was universal, stocks that fell outnumbered those that advanced ten to one. Banks and real estate stocks fell the most as China is increasing reserve ratios for banks and stopped giving out mortgages to third or more homes. China Vanke (SHE:200002), the largest listed Chinese property developer, tumbled -3.18% while Poly Real Estate (SHA:600048) tumbled -7.5%. Industrial and Commercial Bank of China (SHA:601398), the largest financial institution in the world, fell -1.1%.
Chinese stocks listed in the U.S. are poised to follow overall market sentiment. Index futures point to a sharply lower open but strong earnings from Pfizer (NYSE:PFE) and Merck (NYSE:MRK) might help investors to change their mood. Pending home sales and March factory orders data will be released at 10:00 A.M. in addition. Chinese ADRs on the earnings front include AsiaInfo Holdings (NASDAQ:ASIA) and Fushi Copperweld (NASDAQ:FSIN). AsiaInfo proves pessimists wrong.
Both companies reported before the open and are up sharply in pre-market trading hours. AsiaInfo (NASDAQ:ASIA) delivered growth on YoY basis while Fushi Copper (NASDAQ:FSIN) sweetened 2010 second quarter outlook. UTStarcom (NASDAQ:UTSI) is going to report after the close.
The Shanghai Composite Index (SHA:000001) is now considered oversold and is expected to turn around. The Hang Seng Index (INDEXHANGSENG:.HSI) is more open to the world and is expected to recover in-line with the rest of the world. The index is way below the level of U.S. indices like the DJIA or the NASDAQ. Oil is under pressure from the strong dollar, price of the crude fell -$1.40 or -1.62% to $84.79 while the greenback is at 10-month high against the euro.
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