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Train crash sink China stocks

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train_crash July 25, 2011 (Chinavestor) China stocks fell universally on the Mainland after a deadly bullet train crash hurt the sector and as U.S. debt talks submerged into a stalemate. The Shanghai Composite Index (SHA:000001) dived 82.0 points or 3.1% on Monday, the most in 2011. The sell-off was universal, each and every stock among the 50 largest components of the index fell. The sell-off was less universal in Hong Kong where the Hang Seng Index (INDEXHANGSENG:.HSI) fell 151.5 points or 0.7%. Railway and related stocks fell but airliners surged after China is going to rethink the future of the bullet train network following the deadly accident. Guangshen Railway (HKG:0525) (NYSE:GSH) fell the most among components of the index while all three Chinese airlines surged. Shenzhen Expressway (HKG:0548) was the best performing component of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI), while China Southern Airlines (HKG:1055) (NYSE:ZNH) and China Eastern Airlines (HKG:0670) (NYSE:CEA) surged 3.4% and 4.8%, respectively. But U.S. debt talks continued to hurt markets globally, sending major indices in Asia lower for the day. The negative mood was exaggerated by the train collision in China, sending railway stocks tumbling. China South Locomotive & Rolling Stock (SHA:601766), the largest manufacturer of trains in China, tumbled 8.9% while Guangshen Railway (SHA:601033) and China Railways (SHA:601390) fell 5.3% and 5.7%, respectively.

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But Chinese ETFs did well on Friday as small and large cap Chinese stocks advanced. The iShares FTSE/Xinhua China 25 Index (NYSE:FXI) rose 0.26 points or 0.6% while small cap proxy Guggenheim China Small Cap ETF (NYSE:HAO) advanced 0.12 points or 0.4%. But if trading in Asia can serve as a proxy, outlook is different on Monday. All but three components of the Xinhua China 25 Index fell, boding ill for the most liquid Chinese ETF, the FXI. Small caps were similarly hurt; stock that fell outnumbered those that advanced five to one among components of the Guggenheim China Small Cap ETF (NYSE:HAO) on Monday.

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