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China stocks end third week of August in the red

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tumb_pre_2010820_index August 20, 2010 (Chinavestor) China shares followed U.S. indices lower in Asia on Friday. The Shanghai Composite Index (SHA:000001) fell 45.7 points or 1.7 percent as investors gauged higher inflation concerns and a possible slow down on easing monetary policy. Investors in Hong Kong kept a close eye on the U.S., sending the Hang Seng Index (INDEXHANGSENG:.HSI) 90.6 points or 0.4 percent lower for the day. The index is still up 99 points or 0.48 percent for the week thanks to strong gains in the first four days of the week.

ZTE Corp. (HKG:0763), a large telecom equipment maker, was the best performing Hang Seng Index (INDEXHANGSENG:.HSI) component with a 5.3 percent advance. News that the company will supply equipment for Verizon Wireless marks a strong inroad for the U.S. market. CNOOC ltd. (HKG:0883) (NYSE:CEO), China's offshore oil specialist, rose 2.0 percent as 2010 first half net income more than doubled. Index heavy weight HSBC Plc. (HKG:0005) fell 1.6 percent while China Unicom (HKG:0762) (NYSE:CHU) and Aluminum Corp. of China (HKG:L2600) (NYSE:ACH), prominent NYSE-HKEx cross listed blue chips, fell 2.3 percent and 1.9 percent, respectively.

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Trading was somber in Shanghai, stock that fell ounumbetred those that advanced seven to one. China Shenhua (SHA:601088), China's largest coal miner, fell 4.3 percent after a 10 percent rally a day before. Jiangxi Copper (SHA:600362), the largest Chinese producer of the metal, was the worst performing component of the Shanghai Composite Index (SHA:000001) with a 4.3 percent plunge. Zijin Mining (SHA:601899), China's largest gold miner, fell 3.3 percent.

If Hong Kong can be a proxy for NYSE listed China stock trading, outlook is dim for China Unicom (NYSE:CHU) and Aluminum Corp. of China (NYSE:ACH). But CNOOC Ltd. (NYSE:CEO) and China Mobile (NYSE:CHL) advanced in Hong Kong, suggesting a limited downside risk for both stocks.



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