Asian markets rose Tuesday after data on Chinese manufacturing activity showed improvement. The Shanghai Composite Index gained 0.7 percent, while Hong Kong's Hang Seng Index gained 0.8 percent. China's official purchasing managers' index for March increased slightly to 50.3 from a reading of 50.2 in February. "Today's [official] PMI data would come as a relief for policymakers, as it suggests that the economy is not slowing as quickly as the PMIs indicated earlier," said Jian Chang, chief China economist at Barclays in a note. Here is how some Chinese-based equities reacted Tuesday:
China BAK Battery Inc. (NASDAQ: CBAK) shares traded in the range of $2.95 to $3.56 Tuesday before settling to close at $3.52, an increase of 17.33 percent. The stock appears to be facing some resistance at the $4.11 and $4.46 levels with some support at $3.36 and $3.01. Shares of China BAK Battery are up approximately 58.0 percent year-to-date.
More information on China BAK Battery and access to the free equity report can be found at:
www.WallStreetFundamentals.com/CBAK
Ku6 Media Co. Ltd. (NASDAQ: KUTV) shares traded in the range of $2.21 to $3.68 Tuesday before settling to close at $3.00, an increase of 42.86 percent. The stock appears to be facing some resistance at the $3.00 and $3.17 levels with some support at $2.88 and $2.73. Shares of Ku6 Media are up approximately 6.0 percent year-to-date.
More information on Ku6 Media and access to the free equity report can be found at:
www.WallStreetFundamentals.com/KUTV
SouFun Holdings Ltd. (NYSE: SFUN) shares traded in the range of $69.87 to $75.30 Tuesday before settling to close at $75.10, an increase of 9.76 percent. The stock appears to be facing some resistance at the $76.38 and $78.38 levels with some support at $73.72 and $71.58. Shares of SouFun Holdings are down approximately 8.0 percent year-to-date.
More information on SouFun Holdings and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SFUN
VisionChina Media Inc. (NASDAQ: VISN) shares traded in the range of $17.49 to $20.60 Monday before settling to close at $20.39, an increase of 14.94 percent. The stock appears to be facing some resistance at the $20.62 and $23.50 levels with some support at $19.07 and $16.92. Shares of VisionChina Media are down approximately 14.0 percent year-to-date.
More information on VisionChina Media and access to the free equity report can be found at:
www.WallStreetFundamentals.com/VISN
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