May 20, 2011 (Chinavestor) Chinese stocks continued to trade water on Friday with no clear indication of future direction. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 36.0 points or 0.2% while the Shanghai Composite Index (SHA:000001) shed 1.2 points or 0.0%. Both indices ended the week slightly in the red as investors await more clues about the health of the U.S. economy.
Chinese ETFs gave a lackluster performance on Thursday with larger caps holding on to gains but small caps fell. The same trend was taking place in Asia on Friday, where most components of the Guggenheim China Small Cap ETF (NYSE:HAO) fell. But stocks that advanced outnumbered, albeit slightly, those that fell among components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) in Asia this morning.
Earnings continue to drive Chinese stocks listed in American soil. Yingli Green Energy (NYSE:YGE) and E Commerce China Dangdang Inc. (NASDAQ:DANG) are reporting before the opening bell on Friday. More about Chinese stock earnings calendar.
Sina Corp. (NASDAQ:SINA) advanced surprisingly well on the back of a sound LinkedIn IPO. More strength of the internet sector is expected as long as investors sentiment remains solid.