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High oil prices hurt China stocks in Asia

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decline_6 April 26, 2011 (Chinavestor) Shares of Chinese companies fell in Asia on Tuesday. The Shanghai Composite Index (SHA:000001) tumbled 25.8 points or 0.9% on top of Monday's 25.5 points or 1.5% decline. Mainland investors fear that high oil prices will continue to feed inflation and will end up in additional monetary tightening. The Hang Seng Index (INDEXHANGSENG:.HSI), the most widely followed gauge of Hong Kong's main bourse, followed the DJIA lower the next day and fell130.9 points or 0.5% to 24,007.38. Most large cap stocks surrendered gains from last week; stocks that fell outnumbered those that advanced four to one among 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI).

Airliners eked out some gains as the price of oil and kerosene receded. China Southern Airlines (HKG:1055)(NYSE:ZNH), China Eastern Airlines (HKG:0670)(NYSE:CEA) and Air China (HKG:753) were the three best performing components of the index. But falling commodity prices hurt Aluminum Corp. of China (HKG:2600)(NYSE:ACH).

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Most large cap stocks fell in Hong Kong as is evidenced by the components of the Xinhua 25 Index. All but three components of the index fell, boding ill for its subsequent ETF, the iShares FTSE/Xinhua 25 China Index (NYSE:FXI).

The decline was less universal among small cap China stocks in Asia on Tuesday. Stocks that fell outnumbered those that advanced two to one among components of the Guggenheim Small Cap China Fund (NYSE:HAO).

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Sohu.com Inc. (NASDAQ:SOHU) and Changyou.com (NASDAQ:CYOU) were among the best performing Chinese stocks on Monday, following better than expected quarterly earnings. Internet stocks are looking for earnings from Baidu.com Inc. (NASDAQ:BIDU), the Chinese search engine giant, coming on Wednesday after the close.

Looking at components of the Hang Seng Index (INDEXHANGSENG:.HSI) this morning, outlook is best for Chinese airliners, China Southern Airlines (NYSE:ZNH) and China Eastern Airlines (NYSE:CEA). But overbought China Unicom (NYSE:CHU) is expected to fall.



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