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Shanghai shares tumble, Hong Kong Muted on Thursday

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decline_8 May 6, 2010 (Chinavestor) The Shanghai Composite Index (SHA:000001) tumbled -117.45 points or -4.11% to 2,739.70, the second largest points drop in 2010. The sell-off was universal, each and every component of the SSE-50 Index, tracking the performance of the 50 largest Chinese listed companies, fell for the day. Banks and real estate stocks suffered the most following rumors that home prices may drop by as much as -30% this year. Investors fear the government crack down on property prices may curb overall growth as well. The sell-off accelerated in the afternoon as news that inflation has been accelerating became public. China Vanke (SHE:200002), the largest listed Chinese property developer, tumbled -4.6% while Poly Real Estate (SHA:600048) tumbled -6.7%. Huaxia Bank (SHA:600015) fell to the daily limit of -10% following news that the bank is planing to replenish capital through a private placement.

Treading in Hong Kong was much less dramatic. The Hang Seng Index (INDEXHANGSENG:.HSI) fell -194.1 points or -1.0% to 20,133.41 by the close. Chinese airliners suffered following news that tax exemption on international flights will expire. Air China (HKG:0753), the airliner most exposed to international flights, fell -8.0% followed by China Southern Airlines (HKG:1055) (NYSE:ZNH) and China Eastern Airlines (HKG:0670) (NYSE:CEA). But China Mobile (HKG:0941) (NYSE:CHL), the largest Chinese mobile carrier, rose 1.3% on valuation. China Life Insurance (HKG:2628) (NYSE:LFC) and Petrochina Co. Ltd. (HKG:0857) (NYSE:PTR) were virtually unchanged.

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China Automotive Systems (NASDAQ:CAAS) reported strong revenue and earnings growth before the open and is up +8.75% in pre-market trading. Index futures point to a slightly higher open for U.S. indices, suggesting Chinese ADRs might rebound.

The number of oversold China ADRs has been on the rise and all other technical indicator suggests Chinese stocks are ready for a re-bounce.

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U.S. and Chinese markets experienced a significant contraction in the past few trading days, as the following chart suggests. Just how much each market and key commodities fell relative to each other, see chart below.

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