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China stocks decline in Asia on EU woes

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decline_7 July 18, 2011 (Chinavestor) Chinese stocks inched lower on Monday after fears that the European debt crisis may spread over to Italy and Spain gained momentum. The Hang Seng Index (INDEXHANGSNEG:.HSI)  fell 70.6 points or 0.3% while the Shanghai Composite Index (SHA:000001) shed 3.5 points or 0.1%. But there is a whole lot more behind the numbers. The decline, while not substantial, was universal in both markets. Stocks that fell outnumbered those than advanced four to one among components of the Hang Seng Index (INDEXHANGSENG:.HSI) and a similar broad sell-off was behind the seemingly small change in the value of the Shanghai Composite Index (SHA:000001). Underlying indices of key Chinese ETFs declined, casting a shadow over the outlook of the iShares FTSE Xinhua China 25 Index (NYSE:FXI), the most liquid Chinese ETF.

Zijin Mining (HKG:2899), the largest Chinese gold miner, was the best component of the Hang Seng Index (INDEXHANGSENG:.HSI), after investors fled riskier assets pushing gold prices to a record. But industrial and shipping companies proved to be vulnerable to a presumed global economic slowdown.

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Chinese ETFs did well last Friday on the back of the DJIA. But outlook is different before the opening bell on Monday for most components of key Chinese ETFs fell in Asia. Seven components of the 25 member Xinhua 25 Index advanced, boding ill for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). But small caps were not any better either. Stocks that fell outnumbered those that advanced four tom one among components of the Guggenheim China Small Cap ETF (NYSE:HAO).

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Chinese financial stocks did well among components of the Xinhua 25 China index as chance of additional monetary tightening slimmed. But resource, transportation and telecoms fell.



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