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China stocks lack direction as debt talks cont.

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rotation July 27, 2011 (Chinavestor) Chinese stocks were looking for direction on Wednesday in Asia following the prolonged debt talk in the U.S. The Down Jones Industrial Average (INDEXDJX:.DJI) fell 91.5 points on top of the 88.4 points drop a day earlier as talks on Capitol Hill to extend debt ceiling failed to bear fruit. Despite a lackluster performance of U.S. stocks, Chinese ADRs advanced on Tuesday thanks to a sound report from the largest Chinese internet company, Baidu.com Inc. (NASDAQ:BIDU). Strong earnings helped lift the rest of the sector while airliners gained after the deadly bullet train crash lifted outlook for the sector. Large cap tracking ETF, the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) advanced 1.1%, way outperforming smaller cap stock proxy, the Guggenheim China Small Cap ETF (NYSE:HAO).

The Hang Seng Index (INDEXHANGSENG:.HSI) shed 30.4 points or 0.1% fro the day. But investors on the mainland found a merit to push stocks higher after industrial companies' profit surged 28.7% for the first six months of the year compared to the same period a year ago. The Shanghai Composite Index (SHA:000001) rose 20.5 points or 0.8%. Resource and precious metal stocks led the rally on the Mainland as demand for metals remains solid.

Zijin Mining (SHA:601899), the largest gold miner in China, rose 3.6%, the most among the largest components of the Shanghai Composite Index (SHA:000001). Aluminum Corp. of China (SHA:601600), Western Mining (SHA:601168) and Jiangxi Copper (SHA:600362) were among the best performing components of the Shanghai Composite Index (SHA:000001) as well.

There was no trend to be found in Hong Kong on Wednesday. Stocks that advanced were exactly the same as those that fell among the 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI). Airliners took a breather after three days of sound advances. Coal miners gained somewhat and China Unicom (HKG:0762) played a catch up with China Mobile (HKG:0941).

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Large cap stocks outperformed smaller ones in Asia on Wednesday. Most components of the Xinhua 25 China Index advanced, boding well for its trailing ETF, the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). But the picture was somewhat different among small cap China stocks in Asia as components of the Guggenheim China Small Cap ETF (NYSE:HAO) testify. Most components of the index fell albeit the decline was far from universal.

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Chinese internet stocks got a lift following sound earnings from Baidu.com Inc. (NASDAQ:BIDU). Youku.com Inc. (NYSE:YOKU) surged 9.4%, the most among U.S. listed Chinese stocks while Baidu.com Inc. (NASDAQ:BIDU) rose 5.0%. China Green Agriculture (NYSE:CGA) rose 7.3% as the stock continued to come off previous lows. But selected small caps fellĀ  hard, such as Agria Corp (NYSE:GRO) and China Technology (NASDAQ:CTDC).



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