April 16, 2012 (Chinavestor) Chinese stocks were looking for direction in Asia ahead of U.S. corporate earnings. The Hang Seng Index (INDEXANGSENG:.HSI) fell 90.4 points or 0.4% while the Shanghai Composite Index (SHA:000001) skid 2.1 points or 0.1%. Chinese airliners continued to slide as China's economy showed signs of slow down. Profitability of airlines fell 50% from last year as traffic growth slowed and high oil prices dented into profits.
China eastern Airlines (HKG:0670) fell 4.9%, the most among 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI), and was followed closely by China Southern Airlines (HKG:1055) and Air China (HKG:0753). Investors found Chinese telecoms to lower risk, sending China Mobile (HKG:0941) and China Unicom (HKG:0762) higher for the day.