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Greece's ills sink China stocks in Asia

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sink_1 June 20, 2011 (Chinavestor) Fears that Europe is still short of a long-term solution for Greece's ills pushed China stock indices lower in Asia on Monday. The Shanghai Composite Index (SHA:000001) fell 20.2 points or 0.8% in tandem with the Hang Seng Index (INDEXHANGSENG:.HSI).  Hong Kong's main gauge lost all early morning gains by the end of the day, closing 95.8 points or 0.4% lower at 21,599.51 points.

Greece's problems hurt the common currency, the Euro, and boosts the dollar in return. A stronger dollar makes oil and other commodities cheaper, weighting down energy and resource heavy indices. But there was some good news for the day: home prices fell in 23 of 70 cities in China in May as government curbs started to have a bite. This is a big change from April when prices in all 70 cities rose.

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Chinese ETFs are looking puzzled from last Friday but are expected to follow markets lower on Monday. Eleven components of the twenty five member iShares FTSE/Xinhua China 25 Index (NYSE:FXI) rose in Asia, a slightly negative bias before the NYSE open. But small caps suffered a more universal sell off. Stocks that fell outnumbered those that advanced two to one among components of the Guggenheim China Small Cap ETF (NYSE:HAO).

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Airliners advanced in Asia, but China Eastern Airlines (HKG:0670), as price of oil fell to a fresh four months low. China Coal (HKG:1898) fell the most among Chinese coal miners while China Shenhua Energy (HKG:1088) and Yanzhou Coal Mining (HKG:1171) advanced. ICBC (HKG:1398), the largest Chinese financial institution, weighted down the Hang Seng Index (INDEXHANGSENG:.HSI) thanks to a 0.7% decline.

Monday outlook is dim for Chinese stocks listed in U.S. soil as index futures point to a lower open. But if trading in Asia is a proxy, China Southern Airlines (NYSE:ZNH), China Unicom (NYSE:CHU) and Yanzhou Coal Mining (NYSE:YZC) have a chance to beat the markets for the day.



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