July 26, 2010 (Chinavestor) Chinese stocks are on a six day winning streak after moderate gains on Monday. Investors are assessing the situation following European bank tests and upcoming earnings for the week.The Hang Seng Index (INDEXHANGSENG:.HSI) rose 24.6 points or 0.1 percent while the Shanghai Composite Index (SHA:000001) advanced 16.7 points or 0.6 percent.
Aluminum Corp. of China (SHA:601600) (HKG:2600) (NYSE:ACH), China's largest aluminum producer, rose 6.4 percent in Shanghai following comments from Shang Fushan from the China Non-Ferrous
Metals Industry Association that overcapacity is going to be curbed. The stock rose a mere 0.16 percent in Hong Kong. But China Eastern Airline (HKG:0670) (NYSE:CEA), the second largest Chinese airliner, jumped 1.8 percent in Hong Kong, making it the best performing HKEx-NYSE cross-listed blue chip.
Chinese telecom stocks fell in Hong Kong. China Unicom (HKG:0762) (NYSE:CHU) fell 2.0 percent followed by China Mobile (HKG:0941) (NYSE:CHL) and Chine Telecom (HKG:0728) (NYSE:CHA).
Sohu.com (NYSE:SOHU) and its former online game arm, Changyou.com (NASDAQ:CYOU), are going to report second quarter earnings before the open on Monday. For upcoming earning report for the week, read: China stock earnings calendar July 26-31.
Chinese telecoms are expected to show weakness on the NYSE today with China Unicom (NYSE:CHU) taking the lead. China Mobile (NYSE:CHL), the largest mobile carrier in the world, is expected to trail Hong Kong listed H-shares lower. Chinese ADRs have developed a strong correlation with their H-shares making the Hang Seng Index (INDEXHANGSENG:.HSI) a better proxy for ADRs than the Shanghai Composite Index (SHA:000001).
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