March 3, 2011 (Chinavestor) Fear that monetary tightening will choke off growth sent Chinese shares lower on the Mainland, but investors in Hong Kong were optimistic. The Shanghai Composite Index (SHA:000001) fell 10.0 points or 0.3% while the Hang Seng Index (INDEXHANGSENG:.HSI) advanced 73.8 points or 0.3%.
Oversold stocks experienced a technical correction in Hong Kong. China Eastern Airlines (HKG:0670), the second largest Chinese carrier, rose 4.8% while Guangshen Railway Co. Ltd. (HKG:0525) advanced 3.4%.
But telecoms fell on growth concerns, as components of the Xinhua 25 China Index testify. China Unicom (HKG:0762) and China Mobile (HKG:0941), the two largest Chinese mobile carriers, fell 1.4% abd 0.1%, respectively.
Corporate news continue to move Chinese ADRs. Shanda Games (NASDAQ:GAME), the second largest online game developer and operator after NetEase.com inc. (NASDAQ:NTES), surged over 18% following earnings announcement on Wednesday. For a detailed weekly earnings calendar, click here.