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China stocks soared the most in nearly seven years on Thursday after the government lowered a tax on equity trading, a move seen as an effort to boost the country's sagging markets. But Tim Seymour saw the move as a “flimsy attempt” at supporting one of the world’s most volatile economies.
Most Chinese stocks still have room to go lower, Seymour said, based on earnings expectations that are, in a lot of cases, already priced in. But some stories remain real – he’d still be a buyer of stocks that are seeing real, organic growth like China Mobile [CHL
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] or Baidu.com [BIDU
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], which just reported an earnings beat Thursday thanks to increased traffic.
Infrastructure plays – in China and elsewhere in emerging markets - are still in a good place, according to Seymour, because the global building boom continues unabated. On the other hand, he would sell PetroChina [PTR
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], China’s largest oil producer, because of a siginificant windfall tax that is harming the company even with oil at record highs.
Click here to see more of Seymour’s emerging markets trades and stay tuned to FastMoney.CNBC.com for a special Emerging Money Top 20 Slide Show of the stocks Seymour’s thinks best reflect our growing world.
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Trader disclosure: On Apr. 24, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (YHOO), (MSFT), (INTC); Pete Najarian Owns (AAPL), (NOK), (TSO), (XLF), (YHOO); Pete Najarian Owns (CHK) Calls, (DD) Calls, (MSFT) Calls, (POT) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO), (WMT), (YHOO), (MO), (PM), (JCP); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY), (COF); Charles Schwab Is A Sponsor Of "Fast Money"
Tim Seymour Owns (F); Seygem Asset Management Owns (CHL)
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