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China stocks advance in Asia on global economic growth

China stocks advance in Asia on global economic growth

March 30, 2010 (Chinavestor) Shares of Chinese companies advanced in Shanghai and Hong Kong following improved European consumer confidence and news that U.S. consumer spending increased for the fifth straight month. The Shanghai Composite Index (SHA:000001) took a breather after two days of broad rallies, ending the day +4.64 points or +0.1% higher at 3,128.47 at the close. The advance in Hong Kong was more persuasive, the Hang Seng Index (INDEXHANGSENG:.HSI) rose +137.4 points or +0.6% to 21,374.79. Airliners were explosive in Hong Kong, shares of Air China (HKG:0753) advanced +4.4% followed by China Southern Airlines (HKG:1055) (NYSE:ZNH) and China Eastern Airlines (HKG:0670) (NYSE:CEA). Aluminum Corp. of China (HKG:2600) rose +2.7% following news that the company is going to return to profitability in the fist quarter of 2010. Shares of Yanzhou Coal (HKG:1171) (NYSE:YZC) advanced as energy prices, oil and coal, reached new 3 months high.

Chinese auto makers and insurers continued to advance in Shanghai. SAIC Motor Co. (SHA:600104), the largest Chinese auto maker and GM partner, rose +1.2% as growth prospects outweighed credit tightening fears. China Pacific Insurance (SHA:601601) and Ping An Insurance (SHA:601318) rose on anticipation that investment return will increase as the Shanghai Composite Index may break out in the second half of the year.

Chinese stocks listed in American exchanges have recovered some of their momentum on Monday. The loss of short term momentum is evident by the  large number of Chinese ADRs trading below 20-DMA and 50-DMA. But the low number of Chinese ADRs trading at extremes - overbought or oversold - suggests Chinese stocks are ready to participate in a U.S. equities led rally.

Despite a sizable advances in the past few days, the performance of the Hang Seng Index (INDEXHANGSENG:.HSI) and the Shanghai Composite Index (SHA:000001) remains lackluster compared to their U.S. counterparts.

 
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China shares continue the rally in Asia on Monday

China shares continue the rally in Asia on Monday March 29, 2010 (Chinavestor) Shares of Chinese companies experienced the widest rally in 2010 in Shanghai on Monday spurred by investor optimism. Each and every component of the SSE-50 Index, compris...
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China shares jump in Asia on stock index futures

China shares jump in Asia on stock index futures March 26, 2010 (Chinavestor) Chinese shares advanced all over the board in Shanghai and Hong Kong on Friday following final regulatory approval for stock-index futures, short selling and margin tradi...
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China stocks tumble in Asia on stimulus exit concern

China stocks tumble in Asia on stimulus exit concern March 25, 2010 (Chinavestor) Chinese stocks dragged major indices lower in Asia on Thursday. The Hang Seng Index (INDEXHANGSENG:.HSI) fell -230.07 points or -1.1% to 20,788.05 as weak U.S. new home s...
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Earnings, upgrade lift China stocks in Asia

Earnings, upgrade lift China stocks in Asia March 24, 2010 (Chinavestor) Shares of Chinese companies advanced in Hong Kong and Shanghai following a strong market day in the U.S. a day before, earnings and analysts upgrades. Bank of China (SHA:...
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