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China stocks dwindle in Asia on March 28

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decline3 March 28, 2011 (Chinavestor) Chinese stocks traded mixed in Asia as crisis in Japan and Libya unfolded. Mainland investors snapped up resource plays on valuation, giving the Shanghai Composite index (SHA:000001) a lift on Monday. The rally was universal, stocks that rose outnumbered those that fell four to one.

But Hong Kong investors remained cautious sending the Hang Seng Index (INDEXHANGSENG:.HSI) 90.5 points or 0.4% lower for the day. Profit taking hurt stocks with advance from last week, and upstream oil companies fell on high crude prices.

Yanzhou Coal mining (HKG:1171), the third largest Chinese coal miner, rose 1.0% after a sound 2010 annual report. The company expects coal prices remain high for the rest of the year. Such news sent the rest of the sector higher in Hong kong for the day. But Sinopec (HKG:0386), the largest refiner in Asia by volume, fell as margins remain subdued due to high crude prices. Sinopec Shanghai Petrochemcial (HKG:0883) and Yizheng Chemical (HKG:1033) fell the most among components of the Hang Seng Index (INDEXHANGSENG:.HSI).

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Looking at components of key Chinese ETFs, outlook is good for oversold China Mobile (NYSE:CHL) and Yanzhou Coal Mining (NYSE:YZC). Huaneng Power international (NYSE:HNP) rose in Asia this morning as well. This bodes well for the iShares FTSE/Xinhua 25 China index (NYSE:FXI).

Small caps rose in Hong Kong this morning, as components of the Guggenheim Small Cap China Fund (NYSE:HAO) testify.

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Index futures point to a higher open for U.S. equities, lifting outlook for Chinese ADRs on their back. If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxy for ADR trading, outlook is good for China Mobile (NYSE:CHL), Yanzhou Coal Mining (NYSE:YZC) and Huaneng Power International (NYSE:HNP). But Sinopec (NYSE:SNP), Sinopec Shanghai Petrochemical (NYSE:SHI) and CNOOC Ltd. (NYSE:CEO) are under pressure ahead the opening bell on Monday.

 



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