April 3, 2014 (Chinavestor) Momentum remained strong for US equities on Wednesday as ADP report showed 191,000 private jobs created in March. The S&P500 climbed to a new all time record and the Dow is back above 16,500 firmly. But Chinese stocks continue to drag their foot as economic outlook is uncertain for the world's second largest economy.
Caterpillar (NYSE:CAT) advanced 2.8%, the most among 30 components of the Dow on Wednesday. United Technology (NYSE:UTX), Hewlett-Packard (NYSE:HPQ) and Pfizer (NYSE:PFE) followed closely.
Chinese stocks were mixed in Asia. The Shanghai Composite Index (SHA:000001) 15.29 points or 0.74% amid worries about economic slow down in the country. Investors are looking at potential effects of a proposed stimulus and an already high internal debt level. Mood was somewhat better in Hong Kong where the Hang Seng Index (INDEXHANGSENG:.HSI) advanced 41.1 points or 0.2%. The advance was not universal, stocks that advanced were just about the same as those that fell among components of the 50 member index. Resource and metal companies advanced but services fell. Angang Steel (HKG:0347), China's third largest metal works, surged 4.8%, the most among component of the Hang Seng. Aluminum Corp. of China (HKG:2600)(NYSE:ACH), China's largest aluminum maker, advanced 3.0%.
Despite a favorable market environment, US listed Chinese stocks continued to suffer. The China ADR Index, compiled by Chinavestor, fell 2.8 points or 0.4% on Wednesday.Baidu Inc. (NASDAQ:BIDU) rose $1.3, the most among major NYSE and NASDAQ listed Chinese stocks. NetEase Inc. (NASDAQ:NTES), another internet stock, was the complete opposite thanks to a $3.6 decline. And just as BIDU's advance was out of the league on Wednesday, so was NTES's decline.
Other notable movers of the day include Guangshen Rail (NYSE:GSH), 51job Inc. (NASDAQ:JOBS) and Ctrip.com Int. (NASDAQ:CTRP) to the upside and Sohu.com (NASDAQ:SOHU) to the downside.
See following chart for details. Most volatile Chinese stocks on the NASDAQ and NYSE, April 2, 2014. Bubble size represents market capitalization.