August 12, 2010 (Chinavestor) Jitters about slower economic recovery sent Chinese shares tumbling in Asia for the third day. The Shanghai Composite Index (SHA:000001) fell to a fresh two weeks low while the Hang Seng Index (INDEXHANGSENG:.HSI) flirted with the 20,000 level.Stocks that fell outnumbered ten to one on the mainland and five to one in Hong Kong.
Aluminum Corp. of China (SHA:601600) fell 2.6 percent followed closely by Jiangxi Copper (SHA:600362), China's largest producer of the metal, amid worries that demand will soften. Liaoning Cheng Da Co., Ltd (SHA:600739), a large import/export company, fell the most among the 50 largest listed companies on the Shanghai Stock Exchange. China Shipping (HKG:1138) dived 3.8 percent. Airliners continued to tumble; Air China (HKG:0753), China's flagship carrier, fell 3.1 percent followed by China Eastern Airlines (HKG:0670) and China Southern Airlines (HKG:1055). But China Mobile (HKG:0941), the largest mobile carrier in the world, advanced 2.5 percent in the afternoon trading as investors found safety in the index heavy weight.
A good number of Chinese ADRs are going to release 2010 second quarter earnings before anxd after the close, including China Agritech Inc. (NASDAQ:CAGC) and Silvercorp Metals (NYSE:SVM).
If Hong Kong can serve as a proxy for NYSE-HKEx cross listed blue chips, expect airliners - China Eastern Airline (NYSE:CEA) and China Southern Airlines (NYSE:ZNH) - tumble and Aluminum Corp. of China (NYSE:ACH) to feel the pinch, but China Mobile (NYSE:CHL) may weather the storm relatively well.