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Slower German growth hurts China stocks

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factory_3 August 16, 2011 (Chinavestor) Chinese stocks fell in Asia on Tuesday following slower economic data in Germany and China. Stocks in Hong Kong were ready for a technical correction after 4.5% rally in the past three days. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 48.0 points or 0.2% on Tuesday. The real correction took place on the Mainland where the Shanghai Composite Index (SHA:000001) fell 18.6 points or 0.7%.

China Life Insurance (HKG:2628)(SHA:601628)(NYSE:LFC) declined in both Asian markets. Aluminum Corp. of China (HKG:2600), China Eastern Airlines (HKG:0670) and HSBC Holdings (HKG:0005) fell the most among components of the Hang Seng Index (INDEXHANGSENG:.HSI). But the sell-off was far from universal, Hong Kong listed H-shares of Huaneng Power Int. (NYSE:HNP) and CNOOC Ltd. (NYSE:CEO) advanced. Ping An Insurance (HKG:2318) experienced a technical correction along with China Life (HKG:2628), dragging components of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) lower for the day.

Zijin Mining (SHA:601899) jumped 1.4%, the most among the 50 largest components of the Shanghai Composite Index (SHA:000001). Investors were spooked on the Mainland before the official GDP data release. Europe's largest economy grew a mere 0.1% in the second quarter on weak consumer spending. In a separate study, a New York based organisation predicted a soft landing for China after a 9.6% first quarter growth. Chinese official GDP numbers are due later today.

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Chinese ETFs enjoyed a sound market day on Monday. Each and every component of the DJIA advanced, starting a broad rally among Chinese ADRs. Large caps outperformed smaller counterparts among Chinese stocks as thier trailing ETFs testify. The iShares FTSE/Xinhua China 25 Index (NYSE:FXI) surged 3.2% while the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO) rose 2.7%. The composite of U.S. enterprise conducting business in China, the Power Shares Golden Dragon Halter USX China ETF (NYSE:PGJ) advanced 2.71%.

If trading in Asia was a proxy for ETF trading, outlook is mixed for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). Key components of the index, such as Aluminum Corp. of China (HKG:2600) and China Life Insurance (HKG:2628) fell in Hong Kong boding ill for the ETF. But H-shares of Huaneng Power Int. (NYSE:HNP) and CNOOC Ltd. (NYSE:CEO) continued to climb after a heavy sell-off earlier the month.

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Earnings continue to move Chinese ADRs. China Housing & Land Development (NASDAQ:CHLN) fell 20.9% after missing estimates but China XD Plastics (NASDAQ:CXDC) surged 38.9% doing just the opposite. More about upcoming corporate news at China stock earnings calendar, Aug. 15-19.

Outlook is sound for CNOOC Ltd. (NYSE:CEO) and Huaneng Power Int. (NYSE:HNP) if components of the Hang Seng Index (INDEXHANGSENG:HSI) were guide ahead the opening bell. But China Life Insurance (NYSE:LFC) and Chalco (NYSE:ACH) are expected to gap down on Tuesday.



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