Feb. 20, 2010 (Chinavestor) A low profile week makes history: shares of Baidu.com (NASDAQ:BIDU) closed above $500 for the first time in the stock's history. The week started slowly with President's Day Holiday on Monday, shutting down U.S. equity markets. The Chinese economic calendar was basically empty as most of China is shut down for the week in observance of the Chinese New Year. The Hong Kong Stock Exchange (HKEx) was closed from Monday to Tuesday while exchanges in Shanghai and Shenzhen were closed for the whole week.
And while U.S. equities ended the week higher Chinese stocks continued to edge lower with low underlying volume. The earnings calendar for the week was extremely light, only China Precision Steel (NASDAQ:CPSL) reporting on Tuesday. Better-than-expected earnings propelled the stock up 20% for the day but the company failed to gain traction and edged lower for the rest of the week. This came as no surprise to us as we issued a somewhat bearish assessment of our own after the earnings: Take a second look at China Prec. Steel.