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Manufacturing data lifts China shares

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factory_3 April 1, 2011 (Chinavestor) Strong Chinese manufacturing data sent Chinese shares soaring in Asia on the first day in April. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 274.4 points or 1.2%  on the back of energy and financials stocks. The Shanghai Composite Index (SHA:000001) rose 38.9 points or 1.3% with all but four out of the largest 50 components of the index on the rise.

Large caps led the rally in Hong Kong as components for the underling index of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) testify. Stocks that advanced outnumbered those that fell three to one among components of the index measuring the 25 largest industry leaders in Hong Kong.

Jobs report is in focus with expectations that the economy will post a sound gain for March.

The China Federation of Logistics and Purchasing published that the purchasing manger's index rose to 53.4 in March from 52.2 in February, indicating that manufacturing activity accelerated. This bodes well for Chinese economic planners who are trying to balance growth and fight inflation on the same time.

Investors on the Mainland focus on domestic news and were buoyed by the latest reading of the report. The Shanghai Composite Index (SHA:000001) ended March on a four month high and extended into April with a broad rally. Stocks that advanced outnumbered those that fell ten to one among the 50 largest components of the Shanghai Composite Index (SHA:000001).

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Yanzhou Coal Mining (HKG:1171), the third largest coal miner in China, pulled the Hang Seng Index (INDEXHANGSENG:.HSI) higher after a  5.5% surge. Coal prices are tied to oil in China, helping boost top line for the industry. Insurance companies did well as investors expect the rally to last in Asia. Ping An Insurance (HKG:2318) was the best performing component of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) in Asia on Friday. China Life Insurance (HKG:2628), the largest life insurer in China, rose 0.86% after surging 4.8% earlier the week.

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Advanced Battery (NASDAQ:ABAT) continued to crumble under the weight of alleged financial wrongdoings. The stock fell 47.3% for the week, more than the 35% dive of China Integrated Energy (NASDAQ:CBEH) that fell on similar grounds.

Oil prices rose to over $107 a barrel as fighting in Libya continued. This bodes well for oil companies like Petrochina Co. Ltd. (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO). But if components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxy for ADR trading, outlook is best for Yanzhou Coal Mining Co. (NYSE:YZC) ahead the opening bell.



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