Aug. 4, 2010 (Chinavestor) China stock investors turned cautious in Asia on Wednesday on slower economic growth and policy constrains. The Hang Seng Index (INDEXHANGSENG:.HSI) rose 92.2 points or 0.4 percent to 21,549.88 while the Shanghai Composite Index (SHA:000001) advanced 11.5 points or 0.4 percent to 2,638.52. China Southern Airlines (HKG:1055) (NYSE:ZNH) was the best performing HKEx-NYSE cross listed blue chip. China Eastern Airlines (HKG:0670) (NYSE:CEA) jumped 2.38 percent. But Yanzhou Coal (HKG:1171) (NYSE:YZC), China's third largest coal miner, succumbed to profit taking after a 10 percent rally from Monday to Tuesday.
Investors sold off real estate and construction material stocks in Shanghai as the economic growth slowed. Poly Real Estate (SHA:600048), the largest Shanghai listed real estate developer, fell 1.6 percent while Baoshan Iron & Steel (SHA:600019), the largest listed iron works in China, tumbled 1.6 percent. China Vanke (SHE:200002), the largest listed Chinese property developer, fell 1.42 percent in Shenzhen.
If Hong Kong can serve as a proxy, NYSE listed ADRs of China Southern Airlines (NYSE:ZNH) and China Eastern Airlines (NYSE:CEA) are looking good ahead the bell on Wednesday. Chinese energy stocks advanced in Hong Kong but Yanzhou Coal (NYSE:YZC) might take a breather on Wednesday.
Sina Corp. (NASDAQ:SINA) is going to reveal earnings after the close on Wednesday, a bellwether for the rest of the internet sector. Watch out for Sohu.com (NASDAQ:SOHU), NetEase.com (NASDAQ:NTES) and Baidu.com (NASDAQ:BIDU) during the aftermath.