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China stocks looking for direction February 6

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politics February 6, 2014 (Chinavestor) American indexes took a breather on Wednesday after some heavy sell-off earlier the week. The Dow Jones Industrial Average (INDEXDJX:.DJI) shed 5.01 points or -0.03% yesterday. The Nikkei 225 (INDEXNIKKEI) leveled off on Thursday morning after suffering a devastating 4% plus decline on Monday. And while the Shanghai Composite (SHA:000001) got stuck in the rut the Hang Seng Index (INDEXHANGSENG:.HSI) kicked off with a 153.73 points advance. That positive development helped ease indexes in Europe where German DAX, Paris' CAC-40 and London's FTSE 100 are all up this morning.

 

World Indexes February 6,2014 at 8:30 A.M. EST.

pre_20140206w

Going stock specific, investors have some reason to cheer. For one, most components of the 30 member Dow Jones Industrial Average (INDEXDJX:.DJI) advanced. This is despite a -5.01 points decline for the index. Alcoa Inc. (NYSE:AA) as well as Pfizer (NYSE:PFE) were primarily responsible for the index decline with a -3.3% and -1.7% fall last night. Those components that advanced rose a mere 1% or less, explaining the disparity between the index performance and performance of its components.

US listed Chinese stocks declined as well. The China ADR Index, calculated by Chinavestor, fell 10.3 points or 1.5%, far outpacing the decline of the Dow. SouFun Holdings (NYSE:SFUN) fell $7.1, far more than any other China stock. Baidu Inc. (NASDAQ:BIDU) slipped $3.7 followed closely by energy giants CNOOC Ltd. (NYSE:CEO), Sinopec (NYSE:SNP) and Huaneng Power (NYSE:HNP).

Oversold Sinopec Shanghai Petrochemical (NYSE:SHI) bounced back $.3, the most among NYSE listed Chinese stocks. Giant Interactive (NYSE:GA) and Ming Yang (NYSE:MY) rose a mere $.2. Yanzhou Coal Mining (NYSE:YZC), China's third largest coal miner, was virtually flat.

See chart below for details.

 

pre_20140206



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