August 18, 2010 (Chinavestor) Shares of Chinese companies fell in Hong Kong and in Shanghai as investors continue to look for a reason to buy. Chinese stocks came under pressure following remarks from Xia Bin, an advisor to the Central Bank of China, saying that property curbs should not be lifted in the short term. China Vanke (SHE:200002), the largest listed property developer, fell 0.21 percent while China Poly Real Estate (SHA:600048) tumbled 0.98 percent. But metal stocks eased the pain of investors on Wednesday; Aluminum Corp. of China (SHA:601600) advanced 2.0 percent followed closely by Jiangxi Copper (SHA:600362), the largest Chinese producer of the metal and Zijin Mining (SHA:601899), the largest Chinese gold miner.
The mood in Hong Kong turned negative in the late afternoon session, sending the Hang Seng Index (INDEXHANGSENG:.HSI) 114.7 points lower to 21,022.73. Index heavyweight Petrochina Co. Ltd. (HKG:0857) and HSBC Holdings (HKG:0005) weighted down the index, falling -0.8 percent and -0.4 percent, respectively.
Index futures point to a soft opening on Wednesday. Despite strong earnings, investors may lock into profits following the triple digit rally of the DJIA on Tuesday. NetEase.com Inc. (NASDAQ:NTES), the most profitable Chinese online game developer and operator, will report earnings after the close today. For additional earnings, visit China stock earnings calendar, August 16-20.