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China stocks mixed in Asia, June 27

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narrow_range2 June 27, 2011 (Chinavestor) Chinese stocks fell in Hong Kong on the wake of Greece's debt ramifications but advanced on the Mainland on valuation. The Hang Seng Index (INDEXHANGSENG:.HSI) tumbled  130.2 points or 0.6% following U.S. indices lower from last Friday. Most components of the index fell but airliners and upstream petrochemicals rose as oil fell near $90/barrel. Despite stock market declines globally, the Shanghai Composite Index (SHA:000001) rose 12.0 points or 0.4% after valuations fell to record lows. Valuation for the components of the index fell to 11.6 times earnings, back to the lows of late 2008. With global economic worries on the rise, chances are slim that China will introduce additional monetary tightening to fight inflation. That is good news for investors in China where investor sentiment have been hurting on prospects of ongoing fiscal tightening.

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Components of key Chinese ETFs traded mixed in Asia with a negative bias. Airliners, telecoms rose but overbought China Mobile (HKG:0941) fell hard. Most components of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) fell along with the Guggenheim Small Cap China ETF (NYSE:HAO).

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Small cap Chinese ADRs remained volatile last Friday amid the weakness of the Dow. Oversold Vimicro Int. (NASDAQ:VIMC) popped while China Automotive Systems (NASDAQ:CAAS) rose over 10% for the second day. But recently IPOd Quihoo 360 Technology (NYSE:QIHU) fell 9.8% along with RenRen (NYSE:RENN) and E Commerce China Dangdang Inc (NYSE:DANG) highlighting the loss of confidence into the profitability of the Chinese internet sector.



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