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China stocks take a breather on July 5

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breath1 July 5, 2011 (Chinavestor) Chinese stocks traded sideways in Asia on Tuesday after a long weekend in the U.S. Investors are avoiding risk after the unusual rally in the U.S. last week. The Hang Seng Index (INDEXHANGSENG:.HSI) shed 22.5 points or 0.1% while the Shanghai Composite Index (SHA:000001) eked out a similarly insignificant gain. China Shenhua Energy (SHA:601088) (HKG:1088), the largest coal miner in China, rose in both exchanges as price of coal continued to firm up. China Southern Airlines (HKG:1055), the largest carrier in China by fleet size, was the best performing component of the Hang Seng Index (INDEXHANGSENG:.HSI). But BYD company (HKG:1211), Buffet backed electric car maker, continued to fell as earnings season opens up in Asia.

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Chinese ETFs surged last Friday on the back of the Dow Jones (INDEXDJX:.DJI). Each and every component of the U.S. benchmark advanced as fears of a Greek meltdown eased. But outlook is cautious ahead the opening bell on Tuesday.

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Most components of the Xinhua 25 Index fell, boding ill for the iShares FTSE/Xinhua China 25 ETF(NYSE:FXI). But the advance of China Shenhua (HKG:1088) and China Coal (HKG:1898) in Hong Kong suggests a strong market day for Yanzhou Coal Mining (NYSE:YZC), the largest NYSE listed Chinese coal miner. China Southern Airlines (NYSE:ZNH) and China Eastern Airlines (NYSE:CEA) are looking good ahead the opening bell as well.

Outlook is mixed for small caps. Reverse merged small Chinese stocks continue to suffer albeit Spreadtrum Comm. (NASDAQ:SPRD) made a 28.5% comeback last week. Volatility is expected to remain high for the sector.



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