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Chinese stocks continue the slide in Asia

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decline3May 20, 2010 (Chinavestor) Chinese stocks fell for the second day in Asia as investors weight the effects of the European debt crisis and curbs in property prices. NetEase.com Inc. (NASDAQ:NTES) and China TechFaith Wireless (NASDAQ:CNTF) reported earnings after the close on Wednesday.

The Hang Seng Index (INDEXHANGSENG:.HSI) shed only -33.1 points or -0.2% but the Shanghai Composite Index (SHA:000001) fell 31.9 points or -1.2% to a three week low.  The decline was universal in Shanghai, stock that fell outnumbered those that advanced 10:1. Only the big guns stayed in the red: Petrochina (SHA:601857) (NYSE:PTR), the largest Chinese oil producer, Industrial and Commercial Bank of China (SHA:601398), the world's largest financial institution, and Baoshan Iron & Steel (SHA:600019), the largest Chinese listed steel maker. Had it not been for index heavy weights outperforming the Shanghai Composite Index (SHA:000001) were to tumble. Real estate developers, construction and insurance stocks suffered the most on the Mainland.

But trading was different in Hong Kong. The Hang Seng Index (INDEXHANGSENG:.HSI) erased most of the losses in a late afternoon rally, just to fall beck in the red on profit taking in the last five minutes of trading. Chinese energy companies outperformed; Sinopec (HKG:0386)(NYSE:SNP), the largest refinery in Asia, advanced +1.0% while CNOOC Ltd. (HKG:0883) (NYSE:CEO) rose +0.7%. China Shenhua (HKG:1088), the largest coal miner in China, advanced +0.7%. Zijin Mining (HKG:2899), the largest Chinese gold miner, fell -5.8% as investors rotated out of the metal. 

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On the earnings front, NetEase.com Inc. (NASDAQ:NTES) and China TechFaith Wireless (NASDAQ:CNTF) reported after the close on Wednesday. Related articles:

The China ADR universe is oversold, the number of oversold Chinese stocks is on the rise while the number of overbought is virtually zero. This suggests investors wish cash have the upper hand right now assuming the dare to buy into weakness.
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Chines and U.S. indices are all oversold with Chinese ADRs been punished the most. Oil, NASDAQ, Treasuries are all under pressure - with no short term relief on sight.

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