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China shares tumble in Asia on global economic worries

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decline_8 June 29, 2010 (Chinavestor) Stock markets fell world wide on Tuesday as fears that the global economic recovery is weakening gripped investors. Yield of U.S. Treasuries fell below 3 percent as investors forgo higher yields of equities and prefer the safety of government bonds, instead.

The Hang Seng Index (INDEXHANGSENG:.HSI) fell 477.8 points or 2.4 percent to 20,248.90 points by the close. Infrastructure stocks outperformed the broad market in Hong Kong. Zhejiang Expressway (HKG:0576) and Jiangsu Expressway (HKG:0177) stayed in the black while Guangsen Rail (HKG:0525) (NYSE:GSH) fell only 0.7 percent. Huaneng Power (HKG:0902) (NYSE:HNP) fell a mere 0.7 percent. Energy stocks fell hard in Hong Kong. Yanzhou Coal (HKG:1171) (NYSE:YZC) fell 5.6 percent while CNOOC Ltd. (HKG:0883) (NYSE:CEO) tumbled 3.6 percent. Chinese airliners fell; China Eastern Airlines (HKG:0670) (NYSE:CEA) tumbled 5.4 percent while larger rival China Southern Airlines (HKG:1055) (NYSE:ZNH) fell 4.6 percent.

Japan reported slower export growth and weaker housing data than anticipated while a mega IPO in Shanghai, the largest in 2010, soaked up excess liquidity. The Shanghai Composite Index (SHA:000001) tumbled 108.2 points or 4.5 percent to 2,427.05, a 14 month low. The sell-off was universal, 48 out of the 50 member SSE-Index, measuring the performance of the fifty largest publicly traded stock in Shanghai, fell. Railway and energy companies outperformed; China Railway (SHA:601390) was unchanged while Guangshen Rail (SHA:601333) (NYSE:GSH) fell 2.7 percent, half of the market. A massive high speed rail network is being built in China benefiting the sector at the expense of domestic airliners.

pre_2010629_index

Index futures point to a lower opening ahead the bell for U.S. equities. While the fall for Guangshen Rail (NYSE:GSH) and Huaneng Power (NYSE:HNP) may be muted, Yanzhou Coal (NYSE:YZAC) and other energy stocks are expected to tumble. Chinese airliners, China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH), are expected to fall hard as well.



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