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Global recession fears sink China stocks

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economy_1 August 19, 2011 (Chinavestor) Investors turned risk averse in Asia following a 419.6 points drop of the DJIA. The Shanghai Composite Index (SHA:000001) fell 25.1 points or 1.0% on Friday and off 2.24% for the week. The Hang Seng Index (INDEXHANGSENG:.HSI) tumbled 616.4 points or 3.2% on Friday but fell just half of that of the Shanghai Composite for the week. Investors in Hong Kong reacted to U.S. news more vividly since interest rates and the Hong Kong dollar is pegged to their U.S. counterparts.

Zijin Mining (SHA:601899), China's largest gold miner, was the best performing stock in Shanghai as price of gold reached new records. Yesterday's looser, Poly Real Estate (SHA:600048) made a comeback and rose 1.8% for the week. China Vanke (SHE:200002), the largest Chinese real estate developer, advanced 3.4% for the week following news that property prices fell in Shanghai and Beijing in July, the first such reading for the year. Measures to curb property price increases seem to work, giving the sector a much needed relief.But industrial continued to slide as outlook for exports dimmed. SAIC Motor (SHA:600104) and China South Locomotive (SHA:601766) were among the worst components of the Shanghai Composite Index (SHA:000001) on Friday.

Energy and resource stocks sank the Hang Seng Index (INDEXHANGSENG:.HSI) on Friday. Jiangxi Copper (HKG:0358), China's largest producer of the metal, and Aluminum Corp. of China (HKG:2600) fell the most among components of the index. Angang Steel (HKG:0347) tumbled 7.3% following precious metal makers. Yanzhou Coal Mining (HKG:1171) and China Shenhua Energy (HKG:1088) dived 7.2% and 6.3%, respectively. But China Eastern Airlines (HLG:0670) fought the market and rose 1.4% along with index heavy weight China Mobile (HKG:0941). pre_2011819

All but one component of the Xinhua 25 Index fell on Friday, casting a shadow over the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). Aluminum Corp. of China (HKG:2600), China Shenhua Energy (HKG:1088) and China COSCO (HKG:1919) were among those components of the index that fell the hardest. While large caps experienced an almost universal sell-off, small caps did better. Stocks that fell outnumbered those that advanced ten to one among components of the Guggenheim China Small Cap ETF (NYSE:HAO).

pre_2011819_ETF

Just a selected number of Chinese ADRs were able to fight the market on Thursday. Qihoo 360 Technologies (NYSE:QIHU) advanced 6.3% and Sina Corp. (NASDAQ:SINA) rose 3.6% after reporting sound earnings. But even good earnings were not enough for NetEase.com Inc. (NASDAQ:NTES), China's leading online game developer and operator.

Two Chinese solar companies are going to report before the opening bell today, China Sunergy (NASDAQ:CSUN) and Yingli Green Energy (NYSE:YGE).



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