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China stocks start August with advance in Asia

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advance3China stocks continued to advance in Shanghai and Hong Kong on the first trading day in August. The Shanghai Composite Index <.SSEC> advanced 50.53 points or 1.48% to 3,462.59 a new 52 week record. Statistical data show that manufacturing activity expended for the fifth straight months while earnings from key companies remain robust. China Vanke, top infrastructure developer, reported 22% net increase during the fist six month while iron producer Bao Steel and Angang Steel advanced on strong demand.China Southern Airlines (600029.SS)(1055.HK)(NYSE:ZNH) reportedly sold aircraft engines and five Airbus planes to Tigris International NV for cash. The stock advanced 3.6% in Shanghai.

 

Trading in Hong Kong was strong as well. The Hang Seng Index <.HSI> rose 223.93 points to 20,807.03, nearing the 2009 record. Shanghai Petrochemical (0338.HK)(NYSE:SHI) (600688.SS) advanced to its daily 10% limit on strong earnings outlook while Aluminum Corp. of China Ltd. (2600.HK)(NYSE:ACH)(601600.SS) rose 7.2% on strong metal prices. Advancing stocks outnumbered those that fell 38 to 6 out of the 44 member Hang Seng index.

Looking at American listed China stock, the tone is positive as risk appetite is on the rise again. Index futures point to a higher open and thus expect China stocks to do well on Monday morning. For a China momentum stock list visit our Overbought indicator posted on the site this morning.

Looking at Chinese ETFs, the Morgan Stanley China (NYSE:CAF) is below the Shanghai Composite, signaling that CAF has a lot of ground to make up. Investors, play attention, CAF is a short term trading opportunity!

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