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Uncertainty looms over Chinese stocks in Asia

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economy2 June 2, 2010 (Chinavestor) A late afternoon rally helped the Shanghai Composite Index (SHA:000001) to end the day in the black while a late afternoon sell-off pushed the Hang Seng Index (INDEXHANGSENG:.HSI) into the red. Bargain hunters snapped up oversold real estate and auto stocks while financials weighted on the markets. China Vanke (SHA:200002), the largest Chinese listed developer, rose 0.92% while Poly Real Estate (SHA:600048), the second largest property developer, advanced +3.0%.

Bank of China (SHA:601988) tumbled -5.1% in Shanghai after the bank has started to issue convertible bonds to replenish capital. Industrial Bank Co. (SHA:601166) tumbled -5.8% as it nears the required adequate capital ratio of 11.5% as well.

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Chinese ADRs are expected to follow overall market sentiment on Wednesday. Shanda Interactive (NASDAQ:SNDA) and its online game unit, Shanda Games (NASDAQ:GAME) reported 2010 first quarter results late last night. While revenues increase YoY, most measures fell from last quarter, putting pressure on Shanda's stock. Canadian Solar (NASDAQ:CSIQ) tumbled over 20% in pre-market trading as the company announced a delay in reporting 2010 Q1. The delay is due to investigations by the audit committee.

Chinese ADRs continue to remain under pressure as the "Technical measures of China ADRs" testify.

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There isn't much direction to find in major U.S. and Chinese indices and ETFs. Most indicators have been trading in a narrow range as investors grapple with fears stemming from geopolitical risks to BP's tumble on Golf oil spill.

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