September 6, 2011 (Chinavestor) Traders were looking for clues on Tuesday in Asia after steep losses a day before. While the U.S. was celebrating Labor Day, world markets fell on Monday after a weak jobs report in the U.S. last Friday. But with most of the bad news already incorporated into the prices, stocks were missing direction in Asia on Tuesday.
The Shanghai Composite Index (SHA:000001) fell 0.3% while the Hang Seng Index (JNDEXHANGSENG:.HSI) made a surprise comeback in the afternoon session, closing 0.5% higher for the day. Index heavy weight Petrochina Co. Ltd .(HKG:0857) and China Mobile (HKG:0941) pulled in the index higher in a late rally, buoyed by recovering European markets.
Chinese small cap stocks remained extremely volatile with a good number of them surging over 10% a day. For the most exciting stock list, visit today's overbought/oversold report: China small caps at extremes early Sept.