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China stocks looking for direction in Asia on May 5

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Asia_2 May 5, 2011 (Chinavestor) Chinese stocks bounced back up on the Mainland on Thursday but the Hang Seng Index (INDEXHANGSENG:.HSI) continued the slide. Chinese stocks have lost momentum amid monetary tightening and slower U.S. growth. The Shanghai Composite Index (SHA:000001) bounced back 7.4 points or 0.3% after a 2.3% dive the day before.

Renren's IPO roiled Chinese internet stocks on Wednesday, sending the stock 28.6% higher from the IPO price. But Sina Corp. (NASDAQ:SINA) and Sohu.com (NASDAQ:SOHU), some of the largest Chinese web portals in terms of web traffic, suffered dearly due to negative money flows.

Guangshen Railway (HKG:0525), the best component of the Hang Seng Index (INDEXHANGSENG:.HSI) the day before, fell 3.3% on Thursday. Energy stock pulled the index lower in Hong Kong as price if oil fell. CNOOC Ltd. (HKG:0883) and Petrochina Co. Ltd. (HKG:0857), the largest oil producers, declined along with Yanzhou Coal Mining (HKG:1171).

But Chinese banks shined, pulling the Shanghai Composite Index (SHA:000001) higher for the day. Industrial and Commercial Bank of China (SHA:601398), the world's largest financial institution, rose 1.5% along with China Construction Bank (SHA:601939). Investors expect higher interest rates to boost bottom line of the sector.

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Key Chinese ETFs fell on Wednesday, just as predicted. But outlook has improved for both small and large cap stocks and for heir respective ETFs as well. Stocks that advanced outnumbered those that fell among 25 components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI). The advance ratio was even better among small caps in Asia today, boding well for the Guggenheim China Small Cap ETF (NYSE:HAO).

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Qihoo 360 Technology (NYSE:QIHU) was among the best performing Chinese ADRs on Wednesday. Selected Chinese technology and internet stocks advanced on the back if Renren's IPO, but some established names suffered due to lack of liquidity. Sohu.com (NASDAQ:SOHU) and Sina Corp. (NASDAQ:SINA) fell as money flows turned negative for them.

If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxy for ADR trading, outlook is weak for oil and coal companies but China Eastern Airlines (NYSE:CEA) and  China Southern Airlines (NYSE:CEA) are here to shine.



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