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:
Baidu Inc. (NASDAQ: BIDU) shares traded in the range of $155.12 to $159.60 Tuesday before settling to close at $159.18, an increase of 4.54 percent. The stock appears to be facing some resistance at the $164.30 and $167.80 levels with some support at $154.96 and $150.46. Shares of Baidu are down approximately 10.0 percent year-to-date.
More information on Baidu and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BIDU
China Sunergy Co. Ltd. (NASDAQ: CSUN) shares traded in the range of $4.35 to $4.88 Tuesday before settling to close at $4.7.85, an increase of 12.53 percent. The stock appears to be facing some resistance at the $5.09 and $5.45 levels with some support at $4.82 and $4.21. Shares of China Sunergy are down approximately 20.0 percent year-to-date.
More information on China Sunergy and access to the free equity report can be found at:
www.WallStreetFundamentals.com/CSUN
China Ming Yang Wind Power Group Ltd. (NYSE: MY) shares traded in the range of $2.88 to $3.14 Tuesday before settling to close at $3.14, an increase of 10.18 percent. The stock appears to be facing some resistance at the $3.22 and $3.48 levels with some support at $3.05 and $2.89. Shares of Ming Yang Wind Power are down approximately 8.0 percent year-to-date.
More information on Ming Yang Wind Power and access to the free equity report can be found at:
www.WallStreetFundamentals.com/MY
Renren Inc. (NYSE: RENN) shares traded in the range of $3.26 to $3.34 Tuesday before settling to close at $3.28, an increase of 0.31 percent. The stock appears to be facing some resistance at the $3.35 and $3.45 levels with some support at $3.24 and $3.04. Shares of Renren are up approximately 8.0 percent year-to-date.
More information on Renren and access to the free equity report can be found at:
www.WallStreetFundamentals.com/RENN
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