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China stocks fall in Asia, October 18, 2010

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decline_6 October 18, 2010 (Chinavestor) Shares of Chinese companies fell in both key Asia markets on Monday. The Hang Seng Index (INDEXHANGSENG:.HSI) TUMBLED 288.3 points or 1.2% while the Shanghai Composite index (SHA:000001) broke a seven day winning streak surrendering 15.9 points or 0.5%.

Investors in Hong Kong keep a close eye on the U.S. for their currency is pegged to the dollar. Besides heavy corporate news for the week, money managers are keen to see the size and pace of the FED package aimed at reinvigorating the U.S. economy. The uncertainty sent investors on the defense, sending the Hang Seng Index (INDEXHANGSENG:.HSI) lower for the day. The decline was universal, stocks that fell outnumbered those that advanced seven to one. Looking at NYSE-HKEx cross listed Chinese companies, H-shares of Yanzhou Coal (NYSE:YZC) fell the hardest after a 4.0% dive. H-shares of China Eastern Airlines (NYSE:CEA) fell 3.4% followed by Aluminum Corp. of China (NYSE:ACH), Petrochina (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO).  But Guangshen Rail (NYSE:GSH) (HKG:0525) rose 1.7% as China is laying down bullet trains at increasing speed.

Profit taking came to the play in Shanghai for mining and resource plays. Jinduicheng MolybdenumZijin Mining (SHA:601899) and Western Mining (SHA:601168) gave back some of the gains from last week.
(SHA:601958),

pre_20101018

Energy stocks fell in Hong Kong as the dollar strengthened. If the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as a proxy for ADR trading, outlook is dim for oil and cola stocksYanzhou Coal (NYSE:YZC) or Petrochina Co. Ltd. (NYSE:PTR). China's pure oil producer CNOOC LTd. (NYSE:CEO) fell 1.5% in Hong Kong, suggesting a similar opening on the NYSE. such as



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