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China stocks slip as manufacturing slows

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decline3 July 21, 2011 (Chinavestor) China stocks followed Wall Street lower in Asia on Thursday with a negative bias in Shanghai. Chinese manufacturing data is expected to show a contraction for the first time in 2011 according to the preliminary reading of the purchasing managers' index. Chinese policy makers have raised interest rates five times in 2011, choking off growth while keeping inflation at bay. But investors were not impressed and sent Mainland listed shares to a tailspin. The Shanghai Composite Index (SHA:000001) fell 28.3 points or 1.0% with most large cap components ending the day in the red. Investors in Hong Kong kept a close eye on the U.S. where sound corporate earnings mitigated negative economic news. The Hang Seng Index (INDEXHANGSENG:.HSI) skid 16.4 points or 0.1% for the day.

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China Mobile (HKG:0941), the largest mobile carrier in the world, advanced the most among components of the Hang Seng Index (INDEXHANGSENG:.HSI) after reporting a strong 3G subscriber growth. Zijin Mining (HKG:2899), China's largest gold miner, bounced back off after a 5.7% dive a day before. Energy and resourse stocks fell in Asia as the euro shed and the dollar gained. Stronger dollar pushed commodity and oil prices lower, hurting both sectors. CNOOC Ltd. (HKG:0883), China's pure oil producer, fell 3.5% while Xinxin Mining (HKG:3833) dived 10.9%.

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Looking at components of key Chinese ETFs in Asia this morning, outlook is dim for large and small caps alike. Most components of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) fell for the day in Asia, boding ill for the ETF. Small caps experienced an even broader sell-off as components of the Guggenheim China Small Cap ETF (NYSE:HAO) testify. Stocks that fell outnumberd those that advanced two to one among components of the HAO in Asia this morning.



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