(Solar story updated for closing prices and volume)
NEW YORK ( TheStreet) -- For the second consecutive day on Friday, Chinese solar stocks took it on the chin, bringing two-day losses -- encompassing Thursday's big selloff -- well into the territory of double-digit percentage declines in share price.
There were some positive signs early in the pre-market session, with JA Solar (JASO - Get Report) and Solarfun Power (SOLF) among the Nasdaq biggest gainers in the early morning hours. However, those gains evaporated as quickly as Friday's opening bell rang.
The question for investors in solar now is, when will the bleeding in Chinese solar stocks end?Most notable on Friday was that Canadian Solar (CSIQ - Get Report), Solarfun, Trina Solar (TSL - Get Report), and Yingli Green Energy (YGE - Get Report) all passed daily average trading levels within an hour of the market opening. Canadian Solar ended up trading at almost quadruple its average daily volume -- 5.5 million shares versus 1.7 million. Trina ended up trading at three times its average daily volume -- 4.4 million shares versus 1.5 million, while Yingli and Solarfun doubled their average trading volume. JA Solar, which has average volume of 10 million shares, saw 13.3 million of its shares traded on Friday, but that was well below the 21 million JA Solar shares traded on Thursday, as solar investors booked profits in the panic surrounding the reports from Germany. The solar selloff began on Thursday when Reuters reported that the German government would, in fact, move ahead with a significant cut in its generous solar feed-in tariff system, and make the cut ahead of schedule in April. Thursday's biggest losers in solar were the Chinese solar stocks -- which have been on big run-ups in recent months. The early pre-market solar gains from JA Solar and Solarfun were achieved at thin trading volumes. Yingli ended Friday down 5.7%, while Solarfun ended the week with a loss of just under 7%. Trina, which was Thursday's worst performer -- and the biggest high flyer among Chinese solar stocks, doubling its share price since November -- was down 6.2% on Friday. Canadian Solar has the worst loss on Friday, at 7.4%.