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China stocks take breather, Aug 24

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breath1 August 24, 2011 (Chinavestor) China stocks took a breather in Asia on Wednesday after a sound rally a day before. Most of the rally was inspired by hopes that FEC Chairman will lend additional support for the U.S .economy later the week. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 408.7 points or 2.1% while the Shanghai Composite Index (SHA:000001) shed 12.9 points or 0.5%.

In the meantime, corporate earnings continue to show strength of the banking sector in China. Bank of China (HKG:3988) just reported report earnings a day after CCB (HKG:0939) did the same. China Telecom (HKG:0728) rose the most among components of the Hang Seng Index (INDEXHANGSENG:.HSI) after reporting sound quarterly report. 3G subscriber growth remained solid reassuring investors about current strategy. But China Life Insurance (HKG:2628) dragged the Hang Seng Index (INDEXHANGSENG:.HSI) lower with a 11.5% dive, as investors sold the stock after the quarterly report. China Life Insurance (HKG:2628) reported all right revenue growth but net income fell on increased policy payouts. Stocks that fell outnumbered those that advanced four to one among the 50 largest components of the Shanghai Composite Index (SHA:000001). All Shanghai-NYSE cross listed China stocks fell in Asia but Guangshen Rail (SHA:601333) (NYSE:GSH). This train network operator of the Pearl River Delta region reported better then expected financials thanks to a churning Chinese economy. The Pearl River Delta is China's economic heartland and with GDP growth of 9.6% in the first half of the year, railways were busy making money. But China Life Insurance (SHA:601628) fell 3.3%, the most among the 50 largest Shanghai listed stocks, following the weak financial report.

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Chinese ETFs rallied on Tuesday on the back of U.S. markets. But that's about to change for most components of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) fell in Asia on Wednesday morning. H-shares of NYSE cross listed China Telecom (NYSE:CHA), Huaneng Power International (NYSE:HNP), China Unicom (NYSE:CHU) and Chalco (NYSE:ACH) advanced but the rest of the 25 components fell. The advance of China Unicom (NYSE:CHU) is a technical correction for the stock was the most oversold China ADR recently.

Most components of the Guggenheim China Small Cap ETF (NYSE:HAO) fell in Asia as well albeit the decline was not as universal as among large caps.

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This gives some room for Chinese ADRs as earnings continue to roll in. Perfect World (NASDAQ:PWRD), a Chinese online game developer and operator, surged 15.3% after a surprising second quarter report to the upside. Oversold Jinko Solar (NYSE:JKS) bounced back up as reports from the sector raised hopes for longer term profitability. But Gushan Environmental Energy (NYSE:GU) slipped 9.1% on weak earnings ands outlook. Had it not been for the 5:1 reverse spit earlier the year, stock price of the company would be in the pennies...



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