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China stocks fall in Shanghai as December ends

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decline_9 December 28, 2010 (Chinavestor) Chinese stocks tanked for the second day in a row in Shanghai following an interest rate hike over the weekend. The Shanghai Composite Index (SHA:000001) fell 48.4 points or 1.8% on Tuesday while the Hang Seng Index (INDEXHANGSENG:.HSI) shed 212.1 points or 0.9%.

Coal miners surrendered yesterday's gains while airliners continued to fall. This bodes ill for Yanzhou Coal Mining (NYSE:YZC), China's only NYSE listed ADR. Sinopec (NYSE:SNP) and Petrohina Co. Ltd. (NYSE:PTR) fell hard in Hong Kong despite record oil prices. China Unicom (NYSE:CHU) weathered the storm relatively well in Hong Kong.

The sell-off was broad in Shanghai, all but one stock among the 50 largest components of the Shanghai Composite Index (SHA:000001) fell for the day. Hong Kong pared better, stocks that fell outnumbered those that advanced six to one among the 42 members of the Hang Seng Index (INDEXHANGSENG:.HSI).

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Looking at performance of Chines stocks of key ETF, outlook is somber for large caps for Tuesday. All but two components of the 25 member iShares FTSE/Xinhua 25 China Index (NYSE:FXI) managed to eke out some gains - Ping An Insurance (HKG:2318) and China Unicom (HKG:0762) (NYSE:CHU). But China's second largest coal miner China Coal (HKG:1898) fell 2.0% in line with China Shenhua Energy (HKG:1088), China's largest miner of the resource. Air China (HKG:0753), the country's flagship carrier, fell the most among airliners followed by China Eastern Airlines (HKG:0670) and China Southern Airlines (HKG:1055).

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If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxy for ADR trading, outlook is weak for energy stocks. Yanzhou Coal Mining (NYSE:YZC) is expected to follow its H-shares lower just like Sinopec (NYSE:SNP) and Petrohina Co. Ltd. (NYSE:PTR). But outlook is better for telecoms, especially oversold China Unicom (NYSE:CHU).



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