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China stocks tumble in Asia on September 28

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decline_7 September 28, 2010 (Chinavestor) Tuesday marked a complete reversal of Monday for Chinese stocks in Asia. Both the Hang Seng Index (INDEXHANGSENG:.HSI)  and the Shanghai Composite Index (SHA:000001) fell. Hong Kong's main index followed U.S. indices lower while investors on the Mainland focused on possible fiscal tightening and additional property curbs. All told, the Hang Seng Index (INDEXHANGSENG:.HSI) fell 230.9 points or 1.0 percent while the Shanghai Composite Index (SHA:000001) shed 16.6 points or 0.6 percent.

Despite a negative market sentiment, shares of Aluminum Corp. of China (HKG:2600) (SHA:601600) (NYSE:ACH) jumped. The company skyrocketed following plans to invest at least $1.5 billion in rare earth. The news catapulted the company to be the best component of the Hang Seng Index (INDEXHANGSENG:.HSI) and rose to a maximum 10 percent increase in Shanghai. Jiangxi Copper, another major non-ferrous metal producer, fell 2.6 percent in Hong Kong and 6.7 percent in Shanghai.

Shares of China Unicom (HKG:0762) fell 4.6 percent as 3G subscriber growth remained slow. But airliners remained strong, shares of China Southern Airlines (SHA:601766), the largest Chinese carrier, rose 2.9 percent.

pre_2010928_index

If components of the Hang Seng Index (INDEXHANGSENG:.HSI)  can serve as a proxy for ADR trading, outlook is good for Aluminum Corp. of China (NYSE:ACH) and China Southern Airlines (NYSE:ZNH) on Tuesday. But the rest of NYSE-HKEx cross listed blue chips fell in Hong Kong with China Unicom (NYSE:CHU) and China Eastern Airlines (NYSE:CEA) hit the hardest.

 



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