Gold prices and Treasuries surged on Thursday as investors were seeking safe heavens from equities. China's largest gold miner, Zijin Mining (HLG:2899) (SHA:601899) advanced +4.2% in Hong Kong and jumped +7.2% in Shanghai. Value investors picked up shares of Yanzhou Coal (HKG:1171) but most H-shares and A-shares tumbled for the day. Stocks that fell outnumbered those that advanced seven to one in Shanghai and five to one in Hong Kong. Airliners led the decline in Hong Kong while Huaxia Bank (SHA:600015) tumbled -7.3% on top of a -10% plummet the day before. The bank said it planned to replenish capital via a public offering after a record lending in 2009. But equity markets may have little appetite right now; Swire Properties has just shelved its HK$20.8 billion ($2.8 billion) IPO due to difficult market environment.
Chinese ADRs became way oversold and are screaming for a technical correction. On the earnings front, Cogo Group (NASDAQ:COGO) and 51job Inc. (NASDAQ:JOBS) reported 2010 Q1 earnings after the close in Thursday. Cogo tumbles before 2010 Q1 but surprises to the upside. 51job Inc. (NASDAQ:JOBS) revenues grew 42.6% YoY while net income jumped more than five fold. But revenue guidance suggests it will be difficult to duplicate current quarter for the company .