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Global stocks lifted by tech rally

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advance2 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.

pre_20140409

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.

mover_20140408

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.



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