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Reversal day gives no direction for Wednesday

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question_2 April 16, 2014 (Chinavestor) The US markets made a complete reversal on Tuesday. Major indices fell hard until 1:00 P.M. when it all turned around and saw the Dow, the S&P500 and the NASDAQ back to the black by the end of the day. The Dow Jones Industrial Average advanced 89.3 points or 0.5% for the day with Coca-Cola (NYSE:KO) taking the lead. Earnings and just as importantly, strong sales growth from China, lifted shares of the soft drink maker. Oversold financials improved with Bank of America (NYSE:BAC) advancing as much as 2.4%. Alcoa Inc. (NYSE:AA) added 1.5% to previous gains. The aluminum maker reported better than expected quarterly financials and has been strong ever since.

Momentum failed to carry over to Chinese stocks in Asia. The Hang Seng Index (INDEXHANGSENG:.HSI) rose a dismal 24.8 points or 0.1%. Maanshan Iron & Steel (HKG:0323) advanced 2.8% today, breaking a three day loosing streak. Only Yinzheng Chemical (HKG:1033) advanced more than Maanshan among components of the Hang Seng Index, thanks to a 3.6% jump.

Shenzhen Expressway (HKG:0548) fell the most among components of the 50 member index. The stock fell 3.6% on Wednesday and is off by as much as 5.9% for the last three trading days. Two NYSE cross-listed Chinese stocks made it to the worst five components of the index though. Chalco (HKG:2600)(NYSE:ACH) and China Unicom (HKG:0762) (NYSE:CHU) fell 1.7%, each.


Pre_20140416

Chinese stocks fared worst in the US though on Tuesday. The China ADR index, measuring the performance of all US listed Chinese stocks, fell 9.9 points or 1.4% for the day. Ctrip.com International (NASDAQ:CTRP) fell $3.54 or 6.51%, the most among major Chinese ADRs. Sinopec (NYSE:SNP), China's dominant oil refiner, followed CTRP closely. CNOOC Ltd. (NYSE:CEO), the offshore oil producer, declined over $3 as well. Petrochina Co. ltd. (NYSE:PTR), China's largest oil producer, fell $2.9 for the day.

These large cap energy stocks as well as China Mobile (NYE:CHL) weighted down the China ADR Index. But technology and in particular, internet stocks found support. Baidu Inc. (NASDAQ:BIDU), the largest within the industry, advanced $1.71 followed closely by Sohu.com Inc. (NASDAQ:SOHU).

500.com Limited (NYSE:WBAI) and Sina Corp. (NASDAQ:SINA) advanced less than a buck but even that made them among the best ten China plays for the day.

See following chart displaying the most volatile Chinese stocks for the day.

mover_20140415



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