December 14, 2011 (Chinavestor) China stocks lacked direction in Asia on Wednesday after a lackluster demand for Italian bonds and no FED action to prop up the economy soured investor sentiment. The Shanghai Composite Index (SHA:000001) fell 20.1 points or 0.9% to new 52 week lows. Investors in Shanghai lost faith that domestic demand will make up for export losses in the midst of a housing market meltdown. Hong Kong investors were less sceptical for the Hang Seng Index (INDEXHANGSENG:.HSI) shed a mere 92.7 points or 0.5%. Oversold China Eastern Airlines (HKG:0670) and Huaneng Power Int. (HKG:0902) were among the best performing components of the 42 member index. But Yanzhou Coal Mining (HKG:1711) and ALuminum Corp. of China (HKG:2600) fell hard as outlook for commodity prices worsened.