April 27, 2012 (Chinavestor) Chinese stocks took a dive in late afternoon on Friday as earnings concerns and US, European economic outlook worries choked off earlier optimism. The Hang Seng Index (INDEXHANGSENG:.HSI) and the Shanghai Composite Index (SHA:000001) slipped 0.3%, each. Chinese airliners continued to bounce back after hitting 6 months lows on Monday. China Eastern Airlines (HKG:0670) rose 13.4% in Hong Kong for the week thanks to a five day winning streak. Air China (HKG:0753), the nation's flagship carrier, surged as much as 5.9% on Friday, the most among 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI). Petrochina Co. Ltd. (HKG:0857), the largest oil producer in China, rose 3.0% thanks to a surprisingly solid first quarter report. High oil prices and high oil production helped offset lower refining margins.
Kweichow Moutai (SHA:600519), a Chinese liquor maker, rose 3.6%, the most among the 50 largest Shanghai listed companies, before earnings. Poly Real Estate (SHA:600048), the largest Shanghai listed property developer, advanced as much as 1.6% on speculation that the government easing will help revive the housing market. But gold miner Zijin Mining (HKG:2899) (SHA:601899) fell hard both in Hong Kong and Shanghai as appetite for the precious metal subsided.
For large movers of the Hang Seng Index (INDEXHANGSENG:.HSI) and the Shanghai Composite Index (SHA:000001) scroll down to the chart below.