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China stocks mixed in Asia, May 3

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Asia_1 May 3, 2011 (Chinavestor) Chinese stocks were mixed in Asia on Tuesday. The Hang Seng Index (INDEXHANGSENG:.HSI) took clues from trading in the U.S. while investors on the mainland remained bullish, at least for the short run. The Shanghai Composite Index (SHA:000001) rose 25.1 points or 0.9% after slower manufacturing data made investors to speculate that interest rate hikes may not be imminent.

Airliners did relatively well among components of the Hang Seng Index (INDEXHANGSENG:.HSI) as price of oil declined but most components of the index ended the day in the red.

Financials fell the most among components of the Shanghai Composite Index (SHA:000001) as internet rate hikes are likely to be delays after disappointing manufacturing growth data.

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Most components of key Chinese ETFs fell in Asia for the day. Seven out of 25 components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) advanced, boding ill for large cap Chinese ADRs ahead the opening bell. But the sell-off was far from universal among smaller caps as components of the Guggenheim China Small Cap ETF (NYSE:HAO) testify.

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Earnings will play an important role but economic news, such as interest rate hike in India, continued to hurt overall market sentiment.



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