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EU woes sink stocks in China

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Asia_2 May 18, 2012 (Chinavestor) China stocks ended the week lower on European woes. The Shanghai Composite Index (SHA:000001) fell 34.4 points or 1.5% on Friday as evidence mounted that its economy is slowing. Record number of unsold cars and falling housing prices in a record number of cities are evidence that the world's second largest economy is cooling off. Investors in Hong Kong kept a close eye on the US and Europe where Greece's exit of the eurozone is a real possibility with contagion effect hurting Spain and other peripheral countries. All told the Hang Seng Index (INDEXHANGSENG:L.HSI) fell 249.1 points or 1.3% for the day and is off over 5% for the week for the second day in a row. This marks the steepest two weeks decline YTD. Oversold Chinese shipping companies made a comeback. CSCL (HKG:2866) and China Cosco (HKG:1919) both made it to the best five components of the Hang Seng Index (INDEXHANGSENG:.HSI). Power companies continued to advance oil and cola prices tumbled. Falling energy prices improve margins for power generators.

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