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China stocks fall in Asia on growth concerns

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decline_7 June1, 2010 (Chinavestor) Shares of Chinese companies fell in Asia on Tuesday as slower manufacturing growth outlines China's efforts to tame growth. Commodity stocks fell the hardest while bargain hunters stepped in an kept buying insurance companies in Shanghai. The Hang Seng Index fell -268.2 points or -1.4% to 19,496.95 by the close. Stock that fell outnumbered those that advanced five to one.

The sell-off continued in Shanghai, too. The Shanghai Composite Index (SHA:000001) fell -23.9 points or -0.9% to 2,568.28/ Shares of China Life Insurance (SHA:601628)  (NYSE:LFC) advanced 0.9% while smaller rival Ping An Insurance (SHA:601318) rose 1.2%. But real estate and commodity stocks were under pressure as the euro hit a 4 year low against the dollar.

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The earnings calendar will get busy later the day when Shanda Interactive (NYSE:SNDA) will report first quarter earnings after the close. This will complete earnings for the online game sector, a sector that delivers the most profits from online activity.

Index futures point to a lower open as Europe's credit woes persists. The euro fell to a 4 year low sending energy and commodity prices lower.

Chinese ADRs have started to regroup last Friday as is evidenced by the increasing number of Chinese ADRs trading above 50-DMAs. But that momentum may be short lived as international markets pressure U.S. indices before the open on Tuesday.

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Chinese and U.S. indices, ETFs and major indicators have been trading in a narrow range lately with no break out points on sight.

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