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Hang Seng recovery lifts hope for tech stocks

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Asia_2 March 28, 2014 (Chinavestor) Chinese stocks advanced in Asia on Friday before the opening bell on the NYSE. The Hang Seng Index (INDEXHANGSENG:.HSI) rose 231.0 points or 1.0%. While the advance itself is not that outstanding, the universal rally is. All but seven components of the 50 member Hang Seng Index (INDEXHANGSENG:.HSI) advanced!

This is in a contrast to the Dow Jones Industrial Average (INDEXDJX:.DJI) on Thursday. The Dow ended the day in a red even after making a comeback. The NASDAQ  fell as much as 1% by noon before recovering most of the losses.

But the China ADR Index, calculated by Chinavestor, rose 3.2 points or 0.5% thanks to a strong showing by large cap energy firms. CNOOC LTd. (NYSE:CEO) rose $3.3, the most among major NYSE listed Chinese stocks. Sinopec (NYSE:SNP), China's largest oil refiner, followed suit and advanced $1.8 on Thursday. Large cap China Mobile (NYSE:CHL), China Telecom (NYSE:CHA) all advanced despite a negative market sentiment.

Most NASDAQ listed Chinese stocks suffered though. NetEase Inc. (NASDAQ:NTES), Baidu Inc. (NASDAQ:BIDU), and Youku Tudou (NYSE:YOKU) fell more than $1 each amid technology weakness. 500.com Inc. (NYSE:WBAI) plunged 8.4%!

See the most volatile components of major indexes below.

pre_20140328

Major Chinese internet stocks slipped below important technical support lines. Baidu Inc. (NASDAQ:BIDU) is now below 50-DMA as well as 200-DMA. Same goes for Sina Corp. (NASDAQ:SINA) and Sohu.com Inc. (NASDAQ:SOHU). See corresponding charts.

BIDUa_50dma_march14

Sina_50dma_march14

SOHU_50dma_march14

Finally, 500.com Inc. (NYSE:WBAI) fell hard on Thursday but it is important to note that the stock fell four days in a row. 500.com Inc. (NYSE:WBAI) has suffered the worst weekly loss ever this week! Additionally, the stock fell almost as hard just two weeks ago. Lack of support is evident in the following chart.

 

WBAI_march2714



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