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Interest Rate Hike Tanks China Stocks

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decline_6 December 27, 2010 (Chinavestor) The Shanghai Composite Index (SHA:000001) fell 53.8 points or 1.9% on Monday as a weekend interest rate hike spooked investors. Some argue that it is just the beginning of a series of rate hikes as China is fighting inflation. Some others argue that current hike is a front load and is designed to tame inflation before it really takes off. Either way, investors sold off components of the Shanghai Composite Index (SHA:000001) broadly. Stocks that fell outnumbered those that advanced twenty five to one among the 50 largest components of the index.

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Coal miners weathered the sell-off reletively unharmed as a cold spell continued to hold its grip on the notrhern part of the country, suggesting demand for the fuel will remain strong. But airliers, resource and metal stocks fell hard.

Index futures point to a lower open for U.S. equities this morning, suggesting Chinese ADRs are going to take a hit as well. Yanzhou Coal Mining (NYSE:YZC), China's third largest coal miner, may outperform the rest of the China stock universe but China Southern Airline (NYSE:ZNH) and China Eastern Airlines (NYSE:CEA) are in trouble if trading in Shanghai could be used as an indicator ahead of the NYSE open.



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