April 8, 2014 (Chinavestor) The Dow suffered a triple digit decline for a third day in a row, sending stocks tumbling world wide. Asia, and China in particular, was an exception. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 219.8 points or 1.0% and the Shanghai Composite Index (SHA:000001) rose 39.45 points or 1.92%.
When it comes to individual stocks, IBM (NYSE:IBM) was the best Dow component with a 1.4% rise. Investors rotated into value stocks while technology stocks suffered. Scroll down to see first chart for more about performance of Dow components on Monday.
Maanshan Iron and Steel (HKG:0323) was the best Hang Seng component, again. Angang Steel (HKG:0347) followed Maanshan closely as steel prices recovered and outlook brightened for the industry. Yanzhou Coal Mining (HKG:1171)(NYSE:YZC) rose 4.0%, far outperforming the rest. Metal miners suffered as prices plunged. China's largest gold miner, Zijin Mining (HKG:2899), fell 1.2% while Jiangxi Copper (HKG:0358), China's largest miner of the metal, plunged 1.6%.
The composite of US listed Chinese stocks fell 2.5% on Monday. Technology, internet stocks continued to decline. Baidu Inc. (NASDAQ:BIDU) fell the most among NASDAQ listings with a $5.8 points decline. Sina Corp. (NASDAQ:SINA), 500.com (NYSE:WBAI) and 58.com Inc. (NYSE:WUBA) fell over $2.0 each.
See list of Chinese stocks on the move, April 7, 2014, Monday.