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High oil hits China stocks in Shanghai

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oil_barrel1 April 25, 2011 (Chinavestor) China stock trading as muted in Asia on Monday since the Hong Kong Stock Exchange observed Easter Holiday. With no signals coming from the city state, investors have to rely on Shanghai data to get a feel for China ADRs before the trading day. The Shanghai Composite Index (SHA:000001) tumbled 45.5 points or 1.5% for the day, hitting a three week low on Monday. The sell-off was attributed to record high oil prices, a factor that lifts inflation and will likely to prompt policy makers to continue with monetary tightening.

Commodity and coal shares fell the most on the Mainland. Stock that fell outnumbered those that advanced eight to one among components of the Shanghai Composite Index (SHA:000001). Aluminum Corp. of China (SHA:601600) (NYSE:ACH), a NYSE cross-listed company, was among the five hardest hit stocks among large cap components of the Shanghai Composite Index (SHA:000001). China Shenhua Energy (SHA:601088), the largest Chinese coal miner, fell 3.2%, dragging lower the rest of the sector.

pre_2011425

New home sales and earnings will dominate the trading day on Monday. Chinese internet stocks will start reporting first quarter earnings this week, with Baidu.com Inc. (NASDAQ:BIDU) being the most important.

If components of the Shanghai Composite Index (SHA:000001) were proxy for ADR trading, outlook is dim for Aluminum Corp. of China (NYSE:ACH) and Yanzhou Coal Mining (NYSE:YZC) but airliners are going to feel a pinch from record fuel prices as well.



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