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China stocks slide in Asia, May 12

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decline3 May 12, 2011 (Chinavestor) Chinese stocks continued to slide on Thursday as investors bet on more tightening ahead. Inflation spilled beyond food prices, prompting policy makers to instill on monetary tightening. Chinese regulators have just increase bank reserve ration by another 50 bps, the eleventh such increase in the pat two years.Falling commodity and oil prices sent index heavy weight companies tumbling, accelerating the decline of Chinese indices in Asia. The Hang Seng Index (INDEXHANGSE4NG:.HSI) fell 218.0 points or 0.9% for the day, surrendering all the gains from Monday and sending the index into the red for the week. The Shanghai Composite Index (SHA:000001) fell 38.3 points or 1.3% fro the day and is in a negative territory for the week as well.

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The sell-off was broad in both key Asian markets. Stocks that fell outnumbered those that advanced eleven to one among components of the Shanghai Composite Index (SHA:000001). All but four components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) fell in Hong Kong.

Chinese ETFs are under pressure after a broad sell-off of Chinese stocks in Asia. Large cap stocks fell universally as components of the Xinhua 25 China Index testify. All but three components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) fell in Hong Kong on Thursday. Falling oil prices helped Air China (HKG:0753) manage staying above water but coal miners and power companies alike tumbled.

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Earnings continued to power Mindray Medical (NYSE:MR) on Wednesday but it's going to be SIna Corp. (NASDAQ:SINA) that will move the market on Thursday. One of lthe largest Chinese webportals reported mixed earnings and guided 2011 revenues below analyst forecast. China Life Insurance (NYSE:LFC) reported premiums income for the month while SMIC (NYSE:SMI) continued to climb higher on a press release.



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