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China stocks follow the Dow

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decline_8 June 4, 2012 (Chinavestor)Chinese stocks suffered a setback on Monday after dismal US jobs data added to global growth concerns and China's services sector growth slumped. The Shanghai Composite Index (SHA:000001) declined as much as 64.9 points or 2.8% while the Hang Seng Index (INDEXHANGSENG:.HSI) gave back 372.8 points or 2.0%. The decline was universal on the mainland where all but one stock out of the 50 largest Shanghai listings managed to eke out some gains, the rest fell. Zijin Mining (SHA:601899), China's largest gold miner, rose a mere 0.2% as investors sought safety in the metal. Zijin's Hong Kong listed H-shares rose 2.4%.

But most Chinese industry leaders fell, only Huaneng Power (HKG:0902) and China Southern Airlines (HKG:1055) advanced among 25 components of the Xinhua China 25 Index. This bodes ill for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI), the most liquid Chinese ETF trading on the NYSE.

China Unicom (HKG:0762) fell as much as 5.6%, extending its slide to 26.9% since May 7. The stock is oversold along the rest of the sector. China Mobile (HKG:0941), China's largest mobile carrier, fell 1.5% while China Telecom (HKG:0728) shed 3.99%.

Visit the chart below to find stocks with the largest decline among components of the Hang Seng Index (INDEXHANGSENG:.HSI),Shanghai Composite Index (SHA:000001) and the Dow (INDEXDJX:.DJI).

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