July 7, 2010 (Chinavestor) Chinese stocks fell hard in Hong Kong surrendering most of the gains from a day earlier as jitters about the pace of economic recovery spread. the Hang Seng Index (INDEXHANGSENG:.HSI) tumbled 227 points or 1.1 percent with China Unicom (HKG:0762) (NYSE:CHU) and CNOOC Ltd. (HKG:0883) (NYSE:CEO) taking the lead in the decline.
China Unicom (NYSE:CHU) has been one of the most overbought Chinese stock suggesting downside risk surpassed upside potential. CNOOC Ltd. (NYSE:CEO) is expected to fall along lower oil prices and a weak Hong Kong showing earlier today. Aluminum Corp. of China (NYSE:ACH) rose in Shanghai but fell 1.5 percent in Hong Kong, suggesting a weak market day for the third largest aluminum maker of the world.