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Shanghai bottomed out, free fall in Hong Kong

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bottom_fishing_1 May 5, 2010 (Chinavestor) Value investors started to pick up undervalued shares of Chinese companies in Shanghai but Hong Kong trailed U.S. market lower on Wednesday. The Shanghai Composite Index (SHA:000001) ended the day in the black thanks to a last hour rally. The gauge of the Mainland rose +21.9 points or +0.8% to 2,857.15 at the end of the day. Resource stocks fell on soft commodity prices; Jiangxi Copper (SHA:600362), the largest Chinese producer of the metal, fell -3.3% while Aluminum Corp. of China (SHA:601600), the third largest aluminum maker of the world, tumbled -2.0%.

Trading in Hong Kong was remarkably different. The Hang Seng Index (INDEXHANGSENG:.HSI) dived -435.5 points or -2.1% to 20,327.54. Stocks that fell outnumbered those that advanced five to one out of the 42 member index components. Chinese airliners outperformed on lower oil; Air China (HKG:0753) advanced +2.0%, China Southern Airlines (HKG:1055) rose +1.2% and China Eastern Airlines (HKG:0670) shed only -0.5%. China Mobile (HKG:0941) fell only -1.2% compared to wide losses all over the board. CNOOC Ltd. (NYSE:CEO), China's offshore oil producer, tumbled -4.6% while Aluminum Corp. of China (HKG:2600) fell -3.2%.

 

Two Chinese ADRs reported earnings last night, UTStarcom (NASDAQ:UTSI) and AirMedia Group (NASDAQ:AMCN). Both companies disappointed, sending their shares lower in post- and pre-market trading.

 

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Chinese ADRs lost their shine in the last two trading days, as the following technical indicators suggests. The number of overbought China plays is down to nothing while the oversold China ADR number is at record high.

AirMedia Group (NASDAQ:AMCN) reported 2010 Q1 numbers yesterday, sending her shares tumbling -12%. AMCN tumbles -12% on 2010 Q1.

UTStarcom (NASDAQ:UTSI) reported 2010 first quarter numbers after the close on Tuesday. The company is still deep in the red, has been burning cash for the last three years. Shares of the company fell over -10% after the close. UTStarcom 2010 Q1: Foughetaboutit.

China Automotive Systems (NASDAQ:CAAS) is going to report earnings after the close today. China stocks earnings calendar May 3-7, 2010.

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The Shanghai Composite Index (SHA:000001) has bottomed out and the Hang Seng Index (INDEXHANGSENG:.HSI) has caught up with the mainland's gauge as of today.

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