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Libya shocks Chinese stocks on Tuesday

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economy2 February 22, 2011 (Chinavestor) Unrest in Libya and the rest of the Middle-East sent price of oil soaring and stock markets tumbling world wide on Tuesday. The Shanghai Composite Index (SHA:000001) tumbled 76.3 points on Tuesday, its second largest drop for the year. The Hang Seng Index (INDEXHANGSENG:.HSI), a 42 member index off Hong Kong, fell 494.6 points or 2.2% the same time. The sell-off was universal in both key Asia markets, except for a few oil and gold stocks. 

Stocks that fell outnumbered those that advanced twelve to one among the 50 largest components of the Shanghai Composite Index (SHA:000001). Zijin Mining Co. (SHA:601899), China's largest gold miner, advanced 2.1% but real estate, financial and resource plays all fell hard as investors sought safety in bonds.

All but two components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) fell on Tuesday with airliners and upstream oil and chemical companies hit the hardest. But CNOOC Ltd. (NYSE:CEO), China's offshore oil producer with no refining capacity, rose as price of oil hit fresh highs.

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Looking at Asia trading of components of key Chinese ETFs on Tuesday, outlook is dim for large and small cpas alike. All but one components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) fell earlier the morning, suggesting the ETF is going to gap down substantially right at the open.

Outlook is just as dark for small caps as all but 115 components of the 160 member Guggenheim Small Cap China ETF (NYSE:HAO) fell in Asia today.

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The earnings calendar for Chinese stocks is quite active on Monday with Trina Solar (NYSE:TSL) and JA Solar (NASDAQ:JASO) reporting on Monday. Giant Interactive (NYUSE:GA), and a handful of other players are on the menu for today. See complete earnings calendar for the week.

Stock futures point to a lower opening for U.S .equities, taking a toll on Chinese ADRs alongside.



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