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Air China lifts sector in Asia

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airplane1(Aug. 26, 2009 - Chinavestor) Chinese shares continued to recover from August lows in Shanghai and Hong Kong on upbeat earnings and improved investor sentiment. The Shanghai Composite Index rose 51.79 points or 1.78% to 2,967.59 as bargain hunters snapped up cheap assets. Airliners soared following stronger then expected 2009 Q2 report by Air China (SHA:601111). China's flagship carrier reported net income jump of 151.03%, sending its shares up 10% to its daily limit. Enthusiasm carried over to the rest of the sector; China Southern Airlines (SHA:601766) rose 2.43% while smaller rival China eastern Airlines (SHA:600115) advanced 5.05%. Petrochina A-shares (SHA:601857) rose 1.2% but financials lagged the rally as ICBC (SHA:601398) advanced a mere 0.64%. Aluminum Corp. of China (SHA:601600) shed 0.46% but China Life Insurance (SHA:601628) advanced 1.08%.  

Trading in Hong Kong got a boost from Air China's earnings combined with a strong second quarter earnings from Bank of East Asia (HKG:0023). The Hang Seng Index rose 21.08 points or 0.1% to 20,456.32. Chinese airliners led the rally followed by China Life Insurance (HKG:2600) and Petrochina (HKG:08570).

Index futures point to a narrow open for the DJIA on Wednesday. But this should not keep Chinese airliners at bay right at the open. Expect China Life insurance (NYSE:LFC), China southern Airlines (NYSE:ZNH) and China Eastern Airlines (NYSE:CEA) outperform on Wednesday. Chinese ADRs look neutral from a technical point of view on Wednesday. This means that stock specific news and overall American market sentiment will dominate the direction of Chinese ADR trading on Wednesday. For stock specific technical condition, please visit today's overbought/oversold report, "China Mobile (CHL) ready to level off".

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