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China shares up in Shanghai but tumble in HK on July 7

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buy_sell_2 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.

But bargain hunting continued in Shanghai lifting the Shanghai Composite index (SHA:000001) 11.7 points or 0.5 percent. China Cosco Holdings (SHA:601919), the largest bulk shipper in the world, rose 3.7 percent followed by China Coal Energy (SHA:601898), China's second largest coal miner. A-shares of Aluminum Corp. of China (SHA:601600) (NYSE:ACH) advanced 1.0 percent as the company is nearing to raise as much as $1 billion in short term notes.

pre_20107_index

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.



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