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China stocks dive in Asia, May 16

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decline_6 May 16, 2011 (Chinavestor) Troubles in the eurozone and monetary tightening fears sent Chinese shares lower in Asia on Monday. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 315.6 points or 1.4% with most of its components ending the day in the red. Resource stocks suffered the most as demand for construction materials and industrials is seen slowing. But airliners managed to stay afloat as price of oil fell to $96/barrel.

The Shanghai Composite Index (SHA:000001) declined 21.1 points or 0.7% after a broad sell-off. Stocks that fell outnumbered those that advanced ten to one among the 50 largest components of the index. Financial institutions fell the hardest but oversold SAIC Motor (SHA:600104), the largest Chinese automaker, edged 0.4% higher for the day.

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Outlook is dim for U.S. traded Chinese ETF ahead the opening bell. Each and every component of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) fell in Asia on Monday. The sell-off was slightly less universal among small caps as components of the Guggenheim China Small Cap ETF (NYSE:HAO) testifies.

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