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China shares mixed in Asia, looking for direction

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play_1 Feb. 2, 2010 (Chinavestor) Shares of Chinese companies were looking for direction in Asia on Tuesday. The Hang Seng Index advanced a mere +28.43 points or +0.14% to 20,272.18 points while the Shanghai Composite Index shed -6.65 points or -0.23% to 2,934.71 points at the close. Both the Hang Seng Index and the Shanghai Composite has experienced an eight percent plus correction in January as a reaction to Chinese efforts to cool off the economy. But with valuations at record lows, investors wonder where the market is heading to.

Most NYSE-HKEx cross-listed blue chips advanced in Hong Kong on Tuesday; Aluminum Corp. of China (HKG:2600) (NYSE:ACH) bounced up 1.1% followed by CNOOC Ltd. (HKG:0883) (NYSE:CEO), China's offshore oil specialist. CNOOC Ltd. just made public her business strategy for 2010 where the company targets a very ambitious 28% increase in oil & gas production. China Mobile (HKG:0941) (NYSE:CHL), China's largest mobile carrier, rose 0.9%. But insurers fell in Hong Kong; China Life Insurance (HKG:2628) (NYSE:LFC) dived -1.4% followed by smaller rival Ping An Insurance (HKG:2318).

Index futures point to a modestly higher open for the DJIA. Oil is up on stronger economic data as well. On the earnings front we're going to see Ctrip.com (NASDAQ:CTRP), the largest Chinese online travel agency, to report after the close.

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