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China stocks slide five days in a row

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decline3 April 28, 2011 (Chinavestor) Chinese stocks extended losses to a fifth day in a row on the Mainland as investors fear additional monetary tightening will hurt corporate profit growth. The Shanghai Composite Index (SHA:000001) fell 37.7 points or 1.3% to 2,887.67 on Thursday. The Hang Seng Index (INDEXHANGSENG:.HSI) shed 87.2 points or 0.4% on the same time.

Weakness of Hong Kong listed Chinese shares were foretold by a lackluster performance of Chinese ADRs a day before. The iShares FTSE/Xinhua 25 China Index (NYSE:FXI), the most liquid Chinese ETF, fell 0.5% despite a strong day for U.S. equities. The Guggenheim China Small Cap ETF (NYSE:HAO) declined 1.0% at the same time.

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Looking at NYSE cross-listed components of the Hang Seng Index (INDEXHANGSZENG:.HSI), China Unicom (NYSE:CHU) bounced back up after two days of sharp corrections. But airliners fell as high oil continued to dent into their bottom line.

Stocks that declined outnumbered those that advanced two to one among components of the small capĀ  proxy, the Guggenheim China Small Cap ETF (NYSE:HAO). Most large cap stocks decline as well; seven out of the 25 members of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) ended the day in the black.

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Baidu.com Inc. (NASDAQ:BIDU) reported strong revenue growth after the close on Wednesday but customer acquisition cost remains a challenge. China stocks on the earnings calendar for today include ReneSola Ltd. (NYSE:SOL), China BAK Battery (NASDAQ:CBAK), China Telecom (NYSE:CHA) and Noah Education Holding (NASDAQ:NOAH).

If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxy for ADR trading, outlook is best for China Unicom (NYSE:CHU) but Petorchina (NYSE:PTR) and Chinese airliners are expected to gap down.



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