June 25, 2010 (Chinavestor) Shares of Chinese companies fell in both Shanghai and Hong Kong on Friday as economic worries came to the forefront in the US. The Hang Seng Index (INDEXHANGSENG:.HSI) shed 47.2 points or a mere 0.2 percent while the Shanghai Composite Index (SHA:000001) fell 13.9 points or 0.5 percent. Despite a weak Friday, both indices are up for the week thanks to a strong rally on Monday.
China Petroleum & Chemical Corp. (HKG:0386) (NYSE:SNP) was the best performing HKEx-NYSE cross-listed blue chip on Friday thanks to a 0.5 percent advance. Shares of China Life Insurance (HKG:2628) (NYSE:LFC) rose 0.1 percent in Hong Kong but its A-shares (SHA:601628) advanced 1.0 percent in Shanghai. Ping An Insurance (SHA:601318) rose 0.7 percent in Shanghai as well.
Index futures point to a lower opening for US equities on Friday, hurting prospects for Chinese ADRs as a result. Chinese airliners and power producers are expected to feel the pain; Huaneng Power International (NYSE:HNP) and China Southern Airlines (NYSE:ZNH) are the most vulnerable large cap China ADRs. But China Life Insurance (NYSE:LFC) is likely to outperform the broad market on Friday.