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China stocks succumb to profit taking in HK as Oct. ends

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money_4 October 31, 2011 (Chinavestor) Chinese stocks succumbed to profit taking on the last week of October. The Hang Seng index (INDEXHANGSENG:.HSI) shed 154.4 points or 0.8% on Monday but is still ahead 12.9% for all of October. Warren Buffet backed BYD company (HKG:1211) surged 8.6% to end the month on a high note. The stock rose 45% in October but even with that is tradingĀ  over 50% lower YTD. Low beta, low risk China Unicom (HKG:0762) advanced along with China Life insurance (HKG:2628), but most components of the index fell.

Stocks lacked direction on the mainland as well. The Shanghai Composite index (SHA:000001) shed 5.2 points or 0.2% after Wen Jiabao, China's premier, cooled expectations to end fiscal tightening anytime soon. Most components of the index fell as investors digested global, mostly European, economic news.

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Most components of the Xinhua China 25 Index fell, boding ill for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) ahead the bell. Chinese telecom stocks proved to be defensive again but resource, basic material and financial stocks fell.

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Chinese technology stocks rallied last Friday on the back of Baidu's strong earnings. China's largest internet company reported record numbers last week, sending smaller technology stocks, like E-Commerce (NYSE:DANG) and RenRen (NYSE:RENN), soaring. But that may change as Sohu.com Inc. (NASDAQ:SOHU) reported before the open and is trading significantly lower in pre-market hours.



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