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 down in Asia, Nov. 22

E-mail Print PDF

decline3 November 22, 2010 (Chinavestor) Chinese equity investors sold-off financials in Asia on Monday sending both key regional indices lower for the day. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 81.7 points or 0.3% while the Shanghai Composite Index (SHA:000001) shed 4.2 points or 0.1%. Financials and real estate stock led the decline in Shanghai where investors continued to digest the effects of the increase of bank deposit ratio by 50 bps. But the decline was universal among large caps, stock that fell outnumbered those that advanced 10 to 1. Profit taking dominated in Hong Kong where investors took merit from Ireland's bailout yet kept an eye on the mainland for economic news.

Key ADRs with the biggest upside potential for Monday include China Petroleum & Chemical Corp. (NYSE:SNP), Aluminum Corp. of China (NYSE:ACH). China Life Insurance (NYSE:LFC) and China Mobile (NYSE:CHL). But smaller mobile operator China Unicom (NYSE:CHU) and China Eastern Airlines (NYSE:CEA) have substantial downside risk.

Looking at components of the Hang Seng Index (INDEXHANGSENG:.HSI), Ping An Insurance (HKG:2318) gave back 1.0% after last week's 3.5% advance. Another stock succumbing to profit taking after last week's sound performance was Weiqiao Textile (HKG:2698) that fell the most among components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) on Monday. But index heavy weight China Mobile (HKG:0941) advanced 1.2% just like China Life Insurance (HKG:2628), another NYSE cross listed blue chip. Resource and energy stocks rose on the stronger Euro as Ireland's bail out played out. Aluminum Corp. of China (HKG:2600) advanced 1.3% in Hong Kong while China Petroleum & Chemical Corp. (HKG:0386) rose 1.4%.

The dip continued in Shanghai where investors punished financial stocks the most. Huaxia Bank (SHA:600015) fell the most among the 50 largest components of the Shanghai Compoite Index (SHA:000001) where four out of the five largest decliners came from the financial sector.

pre_20101122_index

Key components of Chinese ETFs were relatively muted on Monday except for Yizheng Chemical (HKG:1033) that jumped over 10%. But most components of the iShares FTSE/Xinhua 25 Index (NYSE:FXI) were less volatile ranging from 1.9% to negative -1.8% on Monday.  Downside for components of the Guggenheim China Small cap ETF (NYSE:HAO) was capped as earnings season is coming to an end.

pre_20101122_etf

If components of the Shanghai Composite Index (SHA:000001) and the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxyt for ADR trading, outlook is best for China Petroleum & Chemical Corp. (NYSE:SNP), Asia's largest refiner. Weaker dollar helped commodity prices besides energy, boosting outlook for Aluminum Corp. of China (NYSE:ACH). Last week's weak performer China Life Insurance (NYSE:LFC) and unappreciated China Mobile (NYSE:CHL) looks good ahead the bell as well. But China Unicom (NYSE:CHU) is weak on sluggish subscriber growth while China Eastern Airlines (NYSE:CEA) continues to suffer.



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