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Profit taking, key jobs data slips China stocks in Asia, Dec. 3

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decline3 December 3, 2010 (Chinavestor) China stock investors in Asia took profits before the weekend while waiting for key jobs data from the U.S. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 128.3 points or 0.5% to 23,320.52 while the Shanghai Composite Index (SHA:000001) shed 1.2 points or 0.0% to close at 2,842.43 points for the week. Large cap stock took the brunt of the selling in Hong Kong as most components of the iShares FTSE/Xinhua China 25 Index (ETF) (NYSE:FXI) fell. Semiconductor Manufacturing Int'l (ADR) (NYSE:SMI), a component of the Guggenheim China Small Cap ETF (NYSE:HAO), rose 5.2% the most in two months.

Looking at NYSE cross-listed components of the Hang Seng Index (INDEXHANGSENG:.HSI), Guangshen Rail (NYSE:GSH) advanced the most in Hong Kong Friday morning followed by Yanzhou Coal (NYSE:YZC) and China's offshore oil driller, CNOOC Ltd. (NYSE:CEO). H-shares of the largest Chinese airline by fleet size, China Southern Airlines (NYSE:ZNH), advanced 0.7%.

pre_2010123_index

But China Shenhua Energy (HKG:1088), the largest Chinese coal miner, fell 3.0%, the most among the 42 members of the Hang Seng Index (INDEXHANGSENG:.HSI). H-shares of Sinopec Corp. (NYSE:SNP) and China Life (NYSE:LFC) fell 1.8% and 1.3%, respectively as investors locked in profits.

Investors continued the sell-off the largest Chinese auto maker, SAIC Motor (SHA:600104), as monetary tightening is seen to damp demand for consumer goods. But the commodity sector suffered the heaviest blow among large cap components of the Shanghai Composite Index (SHA:000001). Zijin Mining (SHA:601899), Aluminum Corp. of China (SHA:601600), and Jinduicheng Molybdenum (SHA:601958) fell hard as profit taking and prospect of a stronger dollar sparked the sell-off.

pre_2010123_etf

Looking at components of key China ETFs in Asia before the NYSE open, the 5.2 percent advance by Semiconductor Manufacturing Int'l (ADR) (NYSE:SMI) from small cap proxy Guggenheim China Small Cap ETF (NYSE:HAO) is unusual. All but two components of large cap proxy  iShares FTSE/Xinhua China 25 Index (ETF) (NYSE:FXI) ended Friday in the red as the chart above testifies. Oil producer CNOOC Ltd. (NYSE:CEO) and Aluminum Corp. of China (NYSE:ACH) managed to eke out some gains. But coal producers dragged down the index in Asia as China Shenhua Energy (HKG:1088) and China Coal (HKG:1898) fell 3.0% and 2.7%, respectively. This puts the prospect for Yanzhou Coal (NYSE:YZC) in limbo, despite a strong showing in Hong Kong earlier the day.

 



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