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China stocks end Sept. on low tone

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decline_7 September 30, 2011 (Chinavestor) Trading resumed in Hong Kong after typhoon Nesat moved inland to the dismay of bullish investors on Friday. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 418.7 points or 2.4% erasing all previous gains of the week. The index closed below 18,000 for the first time May 2009. The mood was not much better on the mainland. The Shanghai Composite Index (SHA:000001) fell 6.1 points or 0.3% on Friday ending the week at 2,359.22, lows not since since April 2009.

Aluminum Corp. of China (HKG:2600), Air China (HKG:0753) China Eastern Airlines (HKG:0670) and China Southern Airlines (HKG:1055) fell the most among Chinese stocks in Hong Kong. The Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCE), measuring the performance of mainland Chinese companies in Hong Kong, tumbled 3.88% compared to a 2.4% decline of the broad Hang Seng Index (INDEXHANGSENG:.HSI). But China Life Insurance (HKG:2628) and China Petroleum & Chemical Corp. (HKG:0386) managed to eke out some gains. News that China's manufacturing contracted for the third straight months sent China stocks lower on Friday. Adding China's fiscal tightening to slower manufacturing data prompted a sell-off in Shanghai. Fears that new IPOs will drain already thin demand added to selling pressure. Resource and energy stocks led the decline with China Shenhua Energy (SHA:601088), the largest Chinese coal miner, declining 2.3%. But Petrochina Co. Ltd. (SHA:601857) and China Petroleum & Chemical Corp. (SHA:600028) bucked the trend mitigating the decline of the broad Shanghai Composite index (SHA:000001).  

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Chinese internet stocks led the decline among Chinese ADRs on Thursday. Youku.com (NYSE:YOKU) fell as much as 18.3% after the Department of Justice is involved in sorting out allegations of fraud at reverse merger companies. Investors have to remember that most Chinese internet stocks went public via high profile IPOs, not reverse mergers. We dedicated a whole Newsletter to this issue back in July : Chinese reverse mergers fail investors



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