This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Shanghai Stock Market Falls After Quake

One day after a giant earthquake in south China, shares on the mainland fell nearly 2%, but markets elsewhere in Asia were unaffected as traders mulled the possibility that a months-long global financial crisis could be nearing an end.

In China, the Shanghai Composite Index fell 67 points, or 1.8%, to 3560.24, while in Hong Kong, the Hang Seng climbed 490 points, or 2%, to 25,552.77. In Japan, the Nikkei gained 210 points, or 1.5%, to 13,953.73 as the yen plunged to 104.51 from 103.83 previously.

"The Hang Seng closed at a day high. Despite some negative impact regarding the earthquake on some of the China stocks, investors are buying on the dips," says Brooke Babington, a director at Helmsman Global Trading in Hong Kong.

Leading gainers in Hong Kong was market heavyweight China Mobile (CHL), as most investors shrugged off reports that the company lost around 2,300 base stations in the earthquake, and bet instead that the Hang Seng is ready for another rally. China Mobile rose 3% to HK$133, and rival China Netcom (CN) added 0.4% to HK$25.60, after the company said that it will expand Internet services in more than 10 cities in China this year.

Hang Seng proxy Hong Kong Exchanges (HKXCF) was also the recipient of heavy buying, ahead of earnings announcements for the first quarter due out Wednesday. Analysts expect the company to announce up to an 84% increase in earnings on the year, at HK$1.7 billion ($218 million). The stock climbed 2.4% to HK$153.80.

Also among financials, HSBC Holdings (HBC) said that it registered $3.2 billion in loan-impairment charges during the first quarter for its U.S. consumer finance business. HSBC rose 2% to HK$135.50, and was the day's most actively traded stock.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
CEA $22.23 0.09%
CHL $64.36 -2.30%
LFC $59.26 -1.10%
CN $34.30 -1.24%
HBC $0.00 0.00%


DOW 17,856.78 -278.94 -1.54%
S&P 500 2,071.26 -29.78 -1.42%
NASDAQ 4,927.37 -55.4390 -1.11%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs