April 9, 2014 (Chinavestor) The earnings season has started with Alcoa (NYSE:AA) reporting after the close on Tuesday. The mood was mixed on Wall Street with a tech rally lifting the NASDAQ but the Dow Jones Industrial Average had a bumpy ride. The Dow finished the day 10.3 points or 0.1% higher while the tech rally really sank in. Stocks surged in Asia and Europe as a result.
The Hang Seng Index (INDEXHANGSENG:.HSI) surged 246.2 points or 1.1% on top of yesterday's 216 points advance. Sinopec Corp. (HKG:0386)(NYSE:SNP), China's largest oil refiner, led the index higher with a 3.5% advance. ZTE Corp. (HKG:0763), a Chinese telecom equipment maker, jumped 2.8%. Iron works continued to advance. Maanshan Iron and Steel (HKG:0323), China's largest steel works, rose 2.7% after Tuesday's 5.8% surge. And finally, China Eastern Airlines (HKG:0670)(NYSE:CEA), China's second largest airline by fleet size, rose 2.7%. The stock and airliners in general, have been under water for most of March and April. It wasn't a cake walk for every Hang Seng component though. Yanzou Coal (HKG:1171)(NYSE:YZC) succumbed to profit taking and fell 1% after Tuesday's 4.0% surge. TravelSky Technology (HKG:0696) fell 0.8% after Tuesday's 3.6% decline. TravelSky made it to the weakest component of the 50 member Hang Seng Index (INDEXHANGSENG:.HSI) on Tuesday and was among the 5 poorest components of the index today, as well. China Shipping Development (HKG:1138) fell 3.1%, the most among components of the Hang Seng Index.
Visit following chart to see best and worst components of the Dow, the Hang Seng and the China ADR Index.
The China ADR Index, compiled by Chinavestor, surged 12.8 points or 1.9% on Tuesday. NASDAQ listed Chinese stocks took off along market lines. Baidu Inc. (NASDAQ:BIDU), China's largest search engine company and the largest NASDAQ listed Chinese stock, surged $7.45 or 5.19% after three days of steep losses. Industry leader lifted the rest of the sector, as usual. 58.com Inc. (NYSE:WUBA) and Ctrip.com Intl. (NASDAQ:CTRP) followed BIDU closely, advancing $5.6 and $5.2, respectively. 500.com Ltd. (NYSE:WBAI) advanced $3.1 or 8.96%, a much needed relief. The stock is still down 23.8% for a month! Chinese internet portals Sina Corp. (NASDAQ:SINA) and Sohu.com Inc. (NASDAQ:SOHU) popped 3.19% and 5.11% following BIDU higher.
China Sunergy (NASDAQ:CSUN), a Chinese solar maker, fell $0.26 or 5.16% on Tuesday. This was the largest decline among NYSE and NASDAQ listed Chinese stocks. All other small cap stocks followed CSUN from a distance. See big loser and winner Chinese stock list on chart above. Size of bubble indicates market capitalization.