Top China ADR Portal

China ADR stock research


Warning: strtotime(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home1/chinaves/public_html/libraries/joomla/utilities/date.php on line 56

Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home1/chinaves/public_html/libraries/joomla/utilities/date.php on line 198

China stocks sink in Asia, Nov. 10

E-mail Print PDF

decline1 November 10, 2010 (Chinavestor) Investors in Asia sold-off Chinese equities in Shanghai and Hong Kong sending both key benchmark indices lower for the second day in a row. The Shanghai Composite Index (SHA:000001) fell 19.6 points or 0.6% while the Hang Seng Index (INDEXHANGSENG:.HSI) tumbled 210.0 points or 0.9%. Investor worry that China will tighten capital market controls to fend off speculative investment and raise interest rates to fight inflation. Banks were ordered to raise reserve ratio by 50 basis points, another sign of monetary tightening.

Five NYSE cross-listed Hang Seng Index (INDEXHANGSENG:.HSI) components advanced today with airliners taking the lead. China Southern Airlines (HKG:1055) advanced 3.5% followed by China Eastern Airlines (HKG:0670). Aluminum Corp. of China (HKG:2600), the third largest aluminum producer in the world, rose 0.9 percent while Huaneng Power int. (HKG:0902) and Sinopec (HKG:0386) eked out small gains. But energy stocks fell; CNOOC ltd. (HKG:0883), China's offshore oil specialist, tumbled 2.2% while Yanzhou Coal Mining (HKG:1171), China's third largest coal miner, fell 1.4%. 

Financial and real estate stock fell the most in Shanghai where the retreat was universal. Stocks that fell outnumbered those that advanced eight to one among components of the Shanghai Composite Index (SHA:000001). Poly Real Estate (SHA:600048), the largest Shanghai listed property developer, fell 4.6% while China Vanke (SHE:200002), the largest developer in China, shed 0.5%. China's move to raise reserve ratios for banks was responsible for the weakness in both sectors. Huaxia Bank (SHA:600015), China Merchants Bank (SHA:600036) and Industrial Bank (SHA:601166) were all among the five biggest decliners of the Shanghai Composite Index (SHA:000001). Saic Motor (SHA:600104), GM's largest partner in China, succumbed to profit taking after significant gain earlier the week.

pre_20101110

Capital market felt the pinch from China all over the world. Stocks fell in Asia and Europe as investors are waiting more economic data from the U.S. Falling oil prices are expected to hurt stocks like CNOOC Ltd. (NYSE:CEO) and Yanzhou Coal (NYSE:YZC). If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as a proxy for ADR trading, outlook is sound for China Southern Airlines (NYSE:ZNH) and China Eastern Airlines ( NYSE:CEA) while Aluminum Corp. of China (NYSE:ACH) is expected to carve out some gains as well. Huaneng Power International (NYSE:HNP) will open with a positive bias but that might not last for too long depending on market sentiment.



If you like us, spread the word to the fellow investors on your favorite Social Bookmarking websites
Reddit! Del.icio.us! Mixx! Free and Open Source Software News Google! Live! Facebook! StumbleUpon! TwitThis Joomla Free PHP
 

!!! CHINAVESTOR.COM is for SALE !!!

BUY this domain with all its credentials. Chinavestor.com has been added to Google News and Finance since 2008! Huge web traffic upside potential! Website is optimized for Chinese stocks but can easily be tweaked. Contact Seller Here

sale1
G_news
Check out The Benefits of Getting into Google News!

Free weekly newsletter

Get hot China stock news every Monday