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China stocks cool in Asia on Japan woes

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decline_8 March 17, 2011 (Chinavestor) Chinese stocks continued to fell in Hong Kong and reversed the rally in Shanghai as the Japanese nuclear threat continued to mount. The Shanghai Composite Index (SHA:000001) fell 33.5 points or 1.2%, erasing most of the gains from a day before. The Hang Seng Index (INDEXHANGSENG:.HSI) dropped 416.5 points or 1.9% on Thursday, or over 4.5% for the week.

The decline was universal in both markets despite sound earnings. Petrochina Co. Ltd. (NYSE:PTR), the largest Chinese oil major, beat estimates just like Alibaba.com Inc (HKG:1688) and Tencent Holdings (HKG:0700), the largest Chinese webportal did.

But fear from a full blown nuclear fallout continued to hurt markets, sending each and every component of the Dow Jones Industrial Average (INDEXDJX:.DJI) lower on Wednesday. Stocks that fell outnumbered those that advanced five to one among the 50 largest components of the Shanghai Composite Index (SHA:000001). But the sell-off was broader in Hong Kong where all but three components of the Hang Seng Index  (INDEXHANGSENG:.HSI) fell.

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Large caps took a beating in Hong Kong as components of the Xinhua 25 Index testifies. All but two components of the 25 member in dex fell, boding ill for the iShares FTSE/Xinhua 25 China Index (NYSE:FXI). Small caps suffered almost just as much; stocks that fell outnumbered those that advanced five to one among the 162 components of the Guggenheim Small Cap China ETF (NYSE:HAO).

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But index futures point to a bounce back in the U.S. as good news from Japan lift investor sentiment. Power has been restored at the nuclear plant where cooling of the reactors have begun. Shanda Games (NASDAQ:GAME) and other oversold China stocks might bounce right back up. For stock specific reading, please visit the overbought/oversold monitor.

If components of the Hang Seng Index (INDEXHANGSENG:HSI)  can serve as proxy for ADR trading, outlook is best for energy companies such as Yanzhou Coal (NYSE:YZC), Petrochina Co. Ltd. (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO).



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