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China stocks recover on Friday, March 18

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advance8 March 18, 2011 (Chinavestor) Chinese stocks continued to recover on Friday as Japan contained the fallout from the Fukishima nuclear plant. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 15.8 points or 0.1% on Friday, ending the week 949.5 points or 4.0% lower. But the Shanghai Composite Index (SHA:000001) managed to minimize impact from Japan as investors focused on earnings and economic data for most of the week. The index advanced 12.1 points or 0.4% on Friday and is off only 24.4 points or 0.8% for the week.

ETFs tied to Hong Kong indices, such as the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) and the Guggenheim Small Cap China Fund (NYSE:HAO), remain vulnerable.

Energy and related companies fell the hardest in Hong Kong for the week. China Southern Airlines (HKG:1055) ( NYSE:ZNH), the largest Chinese airline, tumbled 3.8% on Friday as airliners were caught in rising oil prices. The U.N. moved closer to a military solution in Libya sending oil prices higher for Friday. H-shares of Petrochina Co. (NYSE:PTR) and Sinopec (NYSE:SNP), the two largest Chinese integrated oil companies, fell 3.8%, each on Friday. But volatility remained high for components of the Hang Seng Index (INDEXHANGSENG:.HSI), testified by Shanghai Electric (HKG:2727) that jumped 7.1% after a 12.6% collapse the day before.

Investors were less panicy on the Mainland where corporate earnings reassured investors that fundamentals are right for industry leaders. Petrochina Co. Ltd. (SHA:601857) reported preliminary numbers that beat estimates while good news on the economic front suggested Beijing is able to rein on growth and inflation going forward.

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Looking at components of Chinese ETFs on Friday, large caps are in danger. Stocks that fell outnumbered those that advanced two to one among components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI). Huaneng Power International (NYSE:HNP) was the best performing component of the underlying index but Petrochina Co. Ltd. (NYSE:PTR) and Sinopec Corp. (NYSE:SNP) weighted down the index. Telecoms stocks were under pressure after China Mobile (NYSE:CHL) announced large capital spending for 2011. H-shares of China Unicom (NYSE:CHU) and China Telecom (NYSE:CHA) were among the worst of the 25 member iShares FTSE/Xinhua 25 China Index (NYSE:FXI).

Small caps preformed much better as components of the Guggenheim Small Cap China ETF (NYSE:HAO) testify. Stocks that advanced outnumbered those that fell two to one, a complete opposite of large cap stocks.

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Volatility remained high for Chinese ADRs on Thursday with selected stocks on the advance. But investors shunned smaller NASDAQ names such as China Integrated energy (NASDAQ:CBEH) or China Automotive Systems (NASDAQ:CAAS).



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