April 15, 2014 (Chinavestor) Chinese technology stocks piggybacked momentum on the NYSE and the NASDAQ on Monday while downstream oil stocks suffered. Risk appetite is back as investors saw the glass half full rather than empty on Monday.
Baidu Inc. (NASDAQ:BIDU) led Chinese tech stocks higher with a $4.01 or 2.68% advance. Another internet play, 500.com Ltd. (NYSE:WBAI) fared even better with a 3.92% advance. NASDAQ listed Netease inc. (NASDAQ:NTES), 51job Inc. (NASDAQ:JOBS), and Ctrip.com Inc. (NASDAQ:CTRP) followed suit.
Large cap Petrochina Co. Ltd. (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO), China's dominant oil producers, advanced along the market.
Chart displaying the best and worst Chinese stocks on Monday, sorted by size of advance in points. Size of bubble indicates market cap.
But Monday wasn't a cake walk for everybody. Sinopec Shanghai Petrochemical (NYSE:SHI) as well as Sinopec (NYSE:SNP) fell hard on Monday. Chinese solar stocks continue to look for a bottom after LDK solar's meltdown.