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China stocks end April on high note

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advance6 April 30, 2012 (Chinavestor) Chinese stocks ended April on a high note in Asia. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 352.8 points or 1.7% on the last day of the month with mainland Chinese companies leading the advance. All but one component of the Xinhua 25 Index advanced Monday morning, boding well for the iShares FTSE/Xinhua 25 China Index (NYSE:FXI). This is the most liquid and largest Chinese ETEF trading on the NYSE .Trading in Shanghai was absent, the stock exchange was closed for the day.

Chinese airliners continued to recover. Air China (HKG:0753), China's flagship carrier, rose 3.9%, the most among 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI). China Southern Airlines (HKG:1055) and China Eastern Airlines (HKG:0670) also recorded strong gains. But Zijin Mining (HKG:2899), China's largest gold miner, fell 3.8%, far more than any other large cap stock, as price of the precious metal tanked. To look up the most volatile components of the Hang Seng index (INDEXHANGSENG:.HSI) and the Dow Jones Industrial Average (INDEXDJX:.DJI), scroll down to the chart .


Looking at components of the Xinhua 25 Index, all but Zijin Mining (HKG:2899) advanced. China Coal (HKG:1898) rose 4.0%  while China Shenua (HKG:1088), the largest coal miner in China, advanced 2.2% on strong earnings. Financial institutions advanced on hopes of a cut ion bank reserve ratios, freeing up cash for banks to lend.


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