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Jobs report, long weekend sink China stocks in Asia

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decline_7 September 2, 2011 (Chinavestor) Fears of a potentially not good enough U.S. jobs report and an uncertainty of a long weekend sent stocks falling in Asia on Friday. The NYSE will be closed on September 5, Monday in observance of Labor Day Holiday. As a result, the Hang Seng Index (INDEXHANGSENG:.HSI) tumbled 274.2 points or 1.8% on Friday while the Shanghai Composite Index (SHA:000001) fell 27.8 points or 1.1%. The decline was universal in both markets. Stocks that fell outnumbered those that advanced ten to one among the 50 largest components of the Shanghai Composite Index (SHA:000001). Components of the Hang Seng Index (INDEXHANGSENG:.HSI) fell less universally but only eight out of 42 components of the index advanced on Friday.

ZTE Corp. (HKG:0763) gave back 6.2% from gains earlier the week. The stock was the best performing component of the Hang Seng index two days in a row on Wednesday and Thursday. Yaznhou Coal Mining (HKG:1171) had the same fate, investors locked in profits before the weekend, sending its shares 4.5% lower for the day. But China Unicom (HKG:0762) remained resilient and advanced 1.2% on Friday or 8.3% for the week. The company beat expectations and has been on the roll since the release of 2011 second quarter results. Datang Power (HKG:0991) surprised investors to the upside with a robust second quarter result and surged 8.8%. Huadian Power (HKG:1071) rose 3.2% on the back of Datang's numbers. But Huaneng Power (HKG:0902), the largest Chinese independent power producer, fell 2.7% on Friday.

Real estate, financial and insurance stocks suffered the most in Shanghai on Friday. Investors fear that the government won't stop easing yet but more monetary tightening is along the road. After an increase of the reserve ration on Monday, investor fear that the property market may be next on the menu. Poly Real Estate (SHA:600048) fell the most among the 50 largest components of the Shanghai Composite Index (SHA:000001). China Vanke (SHE:200002), the largest property developer in China, was off 1.5% for the day.

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Most components of Chinese ETFs fell in Asia on Friday. All but two components of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) advanced on the HKEX, boding ill ahead the opening bell. The sell-off was less universal among smaller cap China stocks as components of the Guggenheim China Small Cap ETF (NYSE:HAO) testify.

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Agria Corp. (NYSE:GRO), Spreadtrum Comm. (NASDAQ:SPRD) were among the best Chinese ADRs on Thursday, bot both have became overbought and are susceptible to a correction. More technical analysis of the Chinese ADR universe is available on today's overbought report: Are shorts behind volatile China stocks?



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