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China stocks go sideways after DJIA sell-off

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Asia_2 November 22, 2011 (Chinavestor) China stocks were looking for direction in Asia on Tuesday after a heavy sell-off on Wall Street a day before. The Shanghai Composite Index (SHA:000001) shed 2.5 points or 0.1% to extend losses for the fifth day in a row. But bottom fishers snapped up stocks on valuation in Hong Kong, sending the Hang Seng Index (INDEXHANGSENG:.HSI) 25.7 points or 0.1% higher for the day. But volume was low and stocks that fell outnumbered those that advanced among components of the 42 member index.

 

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Oversold China Life Insurance (HKG:2628) and Datang Power (HKG:0991) were among the best Mainland stocks listed in Hong Kong for the day. But China Cosco (HKG:1919), one of the largest container shippers in the world, continued to fell on weak export outlook.

Focus Media Holdings (NASDAQ:FMCN) stole the story among Chinese ADRs. The stock fell 39.5% by the close after Muddy Waters alleged the company of financial wrongdoing. Solar stocks are on the focus ahead the opening bell for Trina Solar (NYSE:TSL), JA Solar (NASDAQ:JASO), Jinko Solar (NYSE:JKS) and Suntech Power (NYSE:STP) reported before the opening bell.



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