March 11, 2014 (Chinavestor) Equities bounced back in Asia on Tuesday. The Nikkei 225 rose 0.49%, the Shanghai Composite (SHA:000001) rose above the 2,000 level while the Hang Seng Index (INDEXHANGSENG:.HSI) advanced 4.68 points. But the rally was far from universal. CNOOC Ltd. (HKG:0883)(NYSE:CEO) fell -2.6% while Huaneng Power Int. (HKG:0902)(NYSE:HNP) declined 2.7%. Only China Shipping Development (HKG:1138) fell most than HNP among components of the 50 member Hang Seng Index.
World Markets Snapshot, March 11, 2014 8:00 A.M. EST
Alcoa Inc. (NYSE:AA) led the decline of the Dow Jones Industrial Average (INDEXDJX:.DJI) on Monday. Boeing (NYSE:BA), Hewlett Packard (NYSE:HPQ) and IBM Corp. (NYSE:IBM) followed Alcoa closely.
Bad news for CNOOC Ltd. (NYSE:CEO) is that despite a $3.6 decline on Monday on the NYSE, its H-share fell hard on the HKEX today. Besides CEO, Chinese technology stocks suffered the steepest losses on the NASDAQ and NYSE on Monday. Sohu.com Inc. (NASDAQ:SOHU), SouFun Holdings (NYSE:SFUN), Ctrip.com Int. (NASDAQ:CTRP) and Youku Tudou (NYSE:YOKU) fell around $3 each. When it comes to winners, E-House Holdings (NYSE:EJ) rose a mere $.5, by far the most among other NYSE Chinese listings.
Key components of the Dow, Hang Seng Index, and the China ADR Index
When it came to US listed Chinese stocks, small cap E-House Holdings (NYSE:EJ) rose $.5, by far the most among Chinese listings. WuXi Phamratech (NYSE:WX) showed some resilience despite an unfavorable market sentiment.
CNOOC Ltd. (NYSE:CEO) fell $3.6, the most among Chinese NYSE listings. Sohu.com Inc. (NYSE:SOHU) followed CEO closely just like SouFun Holdings (NYSE:SFUN) did. Soufun Holdings (NYSE:SFUN) was extremely overbought on Monday morning and its decline was foretold. The same overbought monitor picked up E Commerce China DangDang (NASDAQ:DANG) as an overbought extreme stock that was set to take a breather.
SouFun Holdings (NYSE:SFUN) fell $3.08 or 3.33% and E Commerce China Dangdang Inc. (NASDAQ:DANG) dived $2.07 or 10.77%. Now both SFUN and DANG are not extremely overbought no more and may be able to claim back some lost ground on Tuesday.
Ctrip.com Inc. (NASDAQ:CTRP) and Youku Tudou Inc. (NYSE:YOKU) fell along the market. Technology sector heavy weight Baidu Inc. (NASDAQ:BIDU) fell $2.48 or 1.36%, setting a tone for the rest of the sector.
But that is about to change today. Index futures point to a higher open and this bodes well for volatile Chinese technology stocks. SouFun Holdings (NYSE:SFUN) and E Commerce China Dangdang Inc. (NASDAQ:DANG) may well be able to recover some losses from Monday.