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June 24, 2010 (Chinavestor) Stocks fell in Asia and Europe on Thursday after cautions remarks regarding the pace of recovery from the FED. The Central Bank's statement about Europe's debt crisis and its implications on the U.S. economy made investors uneasy. The Hang Seng Index (INDEXHANGSENG:.HSI) shed 123.1 points or 0.6% to 20,733.49 by the close. Oil stock fell along the price of the crude; CNOOC Ltd. (HKG:0883) (NYSE:CEO) fell 1.83 percent while Petrochina Co. Ltd. (HKG:0857) (NYSE:PTR), the largest Chinese oil producer, fell 1.1 percent. Chinese telecoms suffered losses as well. Shares of China Telecom (HKG:0728) (NYSE:CHA), the largest fixed line carrier in China, dived 2.6 percent while China Unicom (HKG:0762) (NYSE:CHU) fell 0.97 percent. China Mobile (HKG:0941) (NYSE:CHL), the largest mobile carrier in the world, shed 0.31 percent. Airliners were mixed, China Eastern Airline (HKG:0670) (NYSE:CEA) tumbled 2.4 percent while larger rival China Southern Airlines (HKG:1055) (NYSE:ZNH) advanced 1.1 percent. Shares of Guangshen Rail (HKG:0525) (NYSE:GSH), a railway operator in the Pearl River delta region, advanced the most among Hong Kong - New York cross-listed blue chips by advancing 2.2 percent on Thursday. Chinese media reported earlier that the government is intent on extending current bullet train network sending shares of related transportation companies higher.
Trading was dismal in Shanghai on Thursday. The Shanghai Composite Index (SHA:000001) shed 3.1 points or 0.1 percent to 2,566.75. Commodity and energy stock dropped on softening crude and commodity prices while broadcasting companies rose on industry consolidation. Daqin Railway (SHA:601006) fell 1.6 percent erasing all the gains from the previous seven trading sessions. Petrochina Co. Ltd. (SHA:601857) shed 0.09 percent while China Petroleum & Chemical Corporation (SHA:600028), the largest refinery in Asia, fell 0.59 percent. Shares of China Life Insurance (SHA:601628) (NYSE:LFC) advanced 1.1 percent, making it the best performing Shanghai-NYSE cross listed blue chip on Thursday.
The gloomy FED report sent index futures lower ahead the bell. NYSE listed Chinese stocks are expected to follow their Hong Kong listings lower for the day: Chinese telecoms and oil stocks are expected to fell. China Telecom (NYSE:CHA) may tumble the hardest followed by China Unicom (NYSE:CHU) and China Mobile (HKG:0941) (NYSE:CHL). Petrochina (NYSE:PTR), CNOOC Ltd. (NYSE:CEO) and China Petroleum & Chemical Corporation (NYSE:SNP) are all expected to trail oil price lower. It will be difficult for China Southern Airlines (NYSE:ZNH) to hang onto gains in Hong Kong and may fall along China Eastern Airlines (NYSE:CEA) on Thursday.
China Life Insurance (NYSE:LFC) may be a sweet spot for investors, shares of the company have been doing well in Shanghai and Hong Kong lately.
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