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China stocks down on US credit rating

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decline1 April 19, 2011 (Chinavestor) Chinese stocks fell hard in Asia on Tuesday following a S&P's downgrade of U.S. debt outlook. The news sent the DJIA 200 points lower at some point of the trading day on Monday, with all but one of its components ending the day in the black. The Hang Seng Index (INDEXHANGSENG:.HSI) tumbled 309.7 points or 1.3% the following day with most of its components ending the day in the red. The Shanghai Composite Index (SHA:000001) fell 57.3 points or 1.9% as investors digested effects of additional monetary tightening.

Chinese airliners continued to recover as price of oil fell. China Eastern Airlines (HKG:0670) and China Southern Airlines (HKG:1055) were the best performing components of the Hang Seng Index (INDEXHANGSENG:.HSI). But energy companies and financial stocks weighted on the index for the second day in a row. Overbought China Unicom (HKG:0762) fell hard along with pure oil producer CNOOC Ltd. (HKG:0883).

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Outlook for large cap Chinese ETFs is dim on Tuesday, based on trading of Chinese stocks in Asia this morning. All but two components of the most liquid Chinese ETF, the iShares FTSE/Xinhua 25 China Index (NYSE:FXI), fell on Tuesday, boding ill for large cap Chinese ADRs. Small caps were better though as components of the Guggenheim Small Cap China Fund (NYSE:HAO) were mixed.

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If components of the Shanghai Composite Index (SHA:000001) were proxy for ADR trading, outlook is weak for Aluminum Crop. of China (NYSE:ACH) and China Life Insurance (NYSE:LFC). But if The Hang Seng Index (INDEXHANGSENG:.HSI) were to serve as a proxy for ADR trading, investors should shun China Unicom (NYSE:CU) and CNOOC Ltd. (NYSE:CEO) but embrace China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH).



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