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HNP to suffer on Tuesday

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clock_1 January 28, 2014 (Chinavestor) Equity markets recovered on Tuesday in Europe but in Asia. The Nikkei 225 and the Hang Seng Index (INDEXHANGSENG:.HSI) continued to head south on Tuesday along with the Sensex. The only bright spot in Asia came from mainland China where the Shanghai Composite Index rose a mere 5.21 points.

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Weakness in world markets is not a surprise as all eyes are on the FED as it begins a two day meeting on Tuesday. The Dow Jones Industrial Average (INDEXDJX:.DJI) fell 41.23 points on Monday extending a loosing streak to the fifth day. Most components of the 30 member Dow declined but Caterpillar (NYSE:CAT) surged 5.9% on strong earnings and FY2014 guidance.

The China ADR Index, calculated by Chinavestor, fell 0.9% thanks to a steady decline of large cap stocks. Baidu Inc. (NASDAQ:BIDU) shed another $2.7 while CNOOC Ltd. (NYSE:CEO) declined $3.0. SouFun Holdings (NYSE:SFUN) slipped $2.4 on top of significant losses from last week.

We pointed out that it was Baidu Inc. (NASDAQ:BIDU) and SouFun Holdings (NYSE:SFUN) that have fallen the hardest among major Chinese ADRs since last Thursday. This is when the SEC banned Chinese affiliates of the big four accounting firms to conduct audits of Chinese companies.

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Going forward, Hong Kong provides some guidance into Chinese ADRs. Outlook for Huaneng Power Int. (NYSE:HNP) is weak after its H-shares (HKG:0902) gave up 7.1% in Hong Kong. Warren Buffet backed BYD Company (HKG:1211) surged 7.7%, the most among components of the 50 member Hang Seng Index on Tuesday.



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