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China stocks tumble on slower growth on Tuesday

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decline_6 August 10, 2010 (Chinavestor) Shares of Chinese companies fell hard in Asia on Tuesday as data suggested China's domestic consumption has been slowing. The Shanghai Composite Index (SHA:000001) fell 77.3 points or -3.0 percent to 2,595.27 while the Hang Seng Index (INDEXHANGSENG:.HSI) tumbled 380.0 points or 1.5 percent to 21,473.60. The sell-off was universal in both places, stocks that fell outnumbered those that advanced twenty in Shanghai and eight to one in Hong Kong.

pre_2010810_index

The sell-off was triggered by customs data, showing that Chinese imports fell more than expected, another piece of evidence showing that Chinese domestic consumption is slowing. Auto sales fell unexpectedly earlier the month, putting bears in the driver seat. U.S. investors are waiting for the FOMC data to find direction for the market.

Zijin Mining (SHA:601899) fell the most among the 50 largest Shanghai listed Chinese companies after an accident that killed scores of miners, halting production in the largest Chinese gold mine. Air China (HKG:0753), Huadian Power (HKG:1071) and Yanzhou Coal (HKG:1171) (NYSE:YZC) fell the hardest in Hong Kong as investors went defensive, selling off energy and transportation shares.

Earnings will continue to play a major role in the direction of Chinese ADRs. China stock earnings calendar, August 9-13.



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