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China stocks dive in Asia as Europe's problems persist

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decline_6 May 25, 2010 (Chinavestor) Chinese indices trailed the DJIA lower on Tuesday as fresh worries about Europe's debt crisis and uncertainty surrounding the property market loomed. The Hang Seng Index (INDEXHANGSENG:.HSI) tumbled -682.3 points or -3.6% to under 19,000 for the first time in 52 weeks. The Shanghai Composite Index (SHA:000001) fell -50.8 points or -1.9% to 2,662.63 by the close.

The sell-off was more universal in Hong Kong, only two components out of the forty two member Hang Seng Index stayed in positive territory.  China Eastern Airlines (HKG:0670), China's second largest airier, reversed course and fell -14.17% erasing all of the gains from Monday.

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China Education Corp. (NASDAQ:CEDU) and Trina Solar (NYSE:TSL) reported quarterly results after the close. While CEDU numbers came as a disappointment, Trina Solar (NYSE:TSL) beat estimates.

World markets tumbled on European concerns sending U.S. index futures sharply lower ahead of the bell. While Chinese ADRs have made a comeback on Monday, measured by the market cap weighted China ADR Index or CAF, there is not much reason for short term optimism. The Hang Seng Index (INDEXHANGSENG:.HSI) is at the weakest technical position of the year and U.S. indices have suffered heavy blows, too.

But this might be a time for value investors, Chinese solar, resource, telecom and energy stocks are trading at a discount.

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