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China stocks pare losses in afternoon rally in Asia

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advance5 May 12, 2010 (Chinavestor) Chinese indices closed in the black thanks to afternoon rallies in Hong Kong and Shanghai. Investors snapped up assets of undervalued financials, real estate and insurance stocks in Shanghai anticipating that the market has bottomed out. The Shanghai Composite Index (SHA:000001) advanced +8.1 points or +0.3%, moving higher from 2010 lows the day before. The rally was universal, stocks that advanced outnumbered those that fell five to one.

Last hour rally helped push the Hang Seng Index back to the positive territory in Hong Kong. The Hang Seng Index (INDEXHANGSENG:.HSI) rose +66.0 points or +0.3% for the day. Zijin Mining (HKG:2899), the largest Chinese gold miner, advanced +3.6% as investors seek solace in the precious metal. But Chinese airliners continued to suffer, China Eastern Airlines (HKG:0670) (NYSE:CEA) and China Southern Airlines (HKG:1055) (NYSE:ZNH) fell for the fifth day in a row.

 

Earnings moved Chinese ADRs in New York. Ctrip.com (NASDAQ:CTRP) and Home Inns & Hotel Management (NASDAQ:HMIN) reported strong first quarter and are up in pre-market trading. China Digital TV Holding (NYSE:STV) issued improved outlook, sending her shares up over 10% before the bell.

 

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Chinese stocks listed in American stocks exchanges lost momentum in the last two weeks. There is not a single overbought Chinese ADR but thanks to the last two days, the number of oversold China stock is falling as well. Yet there is a lot of room left for improvement, according to the technical reading of the China stock universe.

Earnings continue to roll in: Ctrip.com (NASDAQ:CTRP) reported a strong 2010 Q1 - Ctrip 2010 Q1 doesn't disappoint, Home Inns & Hotel Management (NASDAQ:HMIN) reported sound first quarter revenue growth but net income came in inline. Home Inns & Hotel delivers sound 2010 Q1.

For more about upcoming earnings and analysis of the latest reports, read China stock earnings calendar, May 10-14, 2010.

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Chinese indices and major economic indicators have been trading in a narrow range. Oil remains under pressure on soft global demand. The Shanghai Composite Index (SHA:000001) and the Morgan Stanley China Fund (NYSE:CAF) continue to feel the pain, though might be bottoming out. The Hang Seng Index (INDEXHANGSENG:.HSI) is under water but U.S. listed China stocks index, CAI, is ahead of its Chinese counterparts.

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