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China stocks take it easy in Asia on Wednesday

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economy2Jan. 6, 2010 (Chinavestor) Shares of Chinese companies advanced modestly in Hong Kong but fell off three weeks highs in Shanghai on Wednesday. The Hang Seng index advanced +137.69 points or  +0.62% to 22,416.67 at the close. Aluminum Corp. of China (HKG:2600) and Yanzhou Coal (HKG:1171) were the best performing HKEx-NYSE cross listed China plays. Stocks that advanced outnumbered those that fell three to one out of the forty four member Hang Seng index.

 

Trading was different in Shanghai where government threatened to crack down on excessive property prices, raising fears that demand for mortgages is going to deteriorate.  Financials weighted down the index, sending the Shanghai Composite -27.96 points or -0.85% lower to 3,254.22 at the close.

Index futures point to a lower open for American equities. The latest ADP employment report came out a bit weaker then expected at 8:15 A.M. But what is going to give a better picture about unemployment is the the all important non farm payroll data, to be released on Friday.

Pre-201016

The Morgan Stanley China A Share Fund (NYSE:CAF) has started to creep higher but is still well below the Shanghai Composite. Chinese real state is under pressure as the china Real Estate ETF (NYSE:TAO) testifies. Global shipping is back on track as the global economy recovers.

index-201016



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