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Airliners fly high in Asia on Friday

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airplane1 Jan. 15, 2010 (Chinavestor) Trading was mixed for Chinese companies in Asia on Friday. Real estate and autos pulled up the SSE-50 Index in Shanghai. Poly Real Estate (SHA:600048) advanced +1.9% while the largest Chinese auto maker, SAIC Motor Co. (SHA:600104) rose +1.4%.

Despite an enthusiastic trading in Shanghai, Hong Kong trading remained dismal. The Hang Seng Index shed -62.79 points or -0.29% to 21,654.16 points at the close. Airliners continued to outperform, Air China (HKG:0753) being the best performing Hang Seng Index component of the day with a +3.8% advance.  China Southern Airlines (HKG:1055) rose +1.4% for the day. Yanzhou Coal (HKG:1171) rose +3.0 in Hong Kong on Friday. But oil companies weighted down the index; index heavy weight Petrochina (HKG:0857) fell -1.1% while CNOOC Ltd. (HKG:0883), China's off-shore specialist, fell -1.1%.

Looking forward, three main factors are going to drive stock markets today: strong earnings from Intel Corp. (NASDAQ:INTC) and JP Morgan & Chase (NYSE:JPM); strong dollar with adverse price effect on commodities and oil; Greece vs. the euro - and its effects on currency trading. Weaker oil prices are hurting oil and solar companies alike - a trend to continue into Friday. Chinese airliners were extremely strong on the NYSE on Thursday - China Southern Airlines (NYSE:ZNH) jumped 10.4% followed by China Eastern Airlines' (NYSE:CEA) 8.18% advance. The strengt is driven by strong passanger traffic and increased load factors, suggesting the upswing hasn't reached the ceiling yet.

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Global shipping ETF remains strong - as COSCO and other major international shipping companies see significant improvement in global shipping for 2010. China's real estate ETF (NYSE:TAO) is beat up but is about to recover - see strength of Chinese real estate in Shanghai on Friday.

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