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China stocks up in Hong Kong, sleepy in Shanghai

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rotation Feb. 23, 2010 (Chinavestor) Shares of Chinese companies continued the uptrend in Hong Kong. The Hang Seng Index opened lower on Tuesday but rallied strong in the morning session, ending the day +245.73 points or +1.21% higher at 20,623.00. Most HKEx-NYSE cross-listed blue chips outperformed. Chinese airliners continued to show strength; China Eastern Airlines (HKG:0670) rose 3.1%, Aluminum Corp. of China (HKG:2600) advanced 2.3% followed by CNOOC Ltd. (HKG:0883) and Yanzhou Coal (HKG:1171).

But investors were less enthusiastic in Shanghai sending the index lower for the second day in a row following the week long holiday. The Shanghai Composite fell -20.82 points or -0.69% to 2,982.57 in light trade. The fourth largest Chinese financial institution, Bank  of Communications (SHA:601328), announced plans to raise $6.15 billion via rights offering to replenish depleted capital. China's banks have lent record amount of loans in 2009 raising fears that the financial sector is going to come under pressure.

Index futures suggest a negative open for American stocks, hurting the outlook of Chinese ADRs. For a stock specific break down read today's overbought - oversold report.

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