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China stocks lack direction in Asia, Aug 17

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bull_bear_3 August 17, 2011 (Chinavestor) Investors continued to digest a slew of information about the health of the global economy in Asia. Lack of direction was apparent in both key Chinese stock markets on Wednesday. The Shanghai Composite Index (SHA:000001) shed 6.9 points or 0.3% while the Hang Seng Index (INDEXHANGSENG:.HSI) advanced 0.4%. Value investors stepped forward and bought oversold Chinese shipping companies in Hong Kong. China COSCO (HKG:1919) and China Shipping Development (HKG:1138) made it to the best five components of the Hang Seng Index (INDEXHANGSENG:.HSI) on Wednesday. But power producers fell after a solid start of the week as price of oil continued to climb. Huaneng Power International (HKG:0902), China's largest independent power producer, fell 2.6% in line with Huadian Power (HKG:1071).

China South Locomotive (SHA:601766), one of the main manufacturer of China's bullet trains, fell the most among the 50 largest components of the Shanghai Composite Index (SHA:000001). Shares of the company dived 20% after the deadly bullet train accident and has been unable to break away from those lows so far. China Shenhua Energy (SHA:601088), the largest coal miner in China, fell the second most among large caps in Shanghai, pressuring the rest of the sector.

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Components of key Chinese ETFs traded mixed in Asia on Wednesday. China Telecom (HKG:0728) fell the most among components of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) while China Coal (HKG:1898) shined. Air China (HKG:0753) and Huaneng Power Int. (HKG:0902) fell as price of oil rose on mixed U.S. supply data.

Small caps were more volatile than larger counterparts, as components of the Guggenheim China Small Cap ETF (NYSE:HAO) testify.

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Earnings continue to play a major roli in the pricing of Chinese stocks listed in the U.S. It proved true again that earnings can make it or break it for small caps. General Steel (NYSE:GSI) surged 14.5% in the last hour of trading amid record volume after the company reported sales increase of 100% YoY. But disappointing numbers sent Vanceinfo Technologies (NYSE:VIT) and China TechFaith Wireless (NASDAQ:CNTF) tumbling over 20%.

Tudou (NASDAQ:TUDO) will start trading today after raising $174 million, people familiar with the case said. The Shanghai based Chinese online video company will start trading at $29 per ADR.

On a corporate front, internet heavy weight will report after the close today. Sina Corp. (NASDAQ:SINA), one of the largest Chinese online portals, is scheduled along with NetEase.com Inc. (NASDAQ:NTES), China's leading online game operator.

Outlook is dim for Huaneng Power Int. (NYSE:HNP) and China Telecom (NYSE:CHA) but bright for Sinopec Shanghai Petrochemical (NYSE:SHI) and Yanzhou Coal Mining (NYSE:YZC), if components of the Hang Seng Index (INDEXHANGSENG:.HSI) were proxy for ADR trading.



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