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China shares mixed in Asia on July 2

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buy-sell July 2, 2010 (Chinavestor) Shares of Asian companies were mixed in Asia with the Hang Seng Index (INDEXHANGSENG:.HSI) tumbling 223.7 points or 1.1 percent. in. Trading in Hong Kong reflected weak global market sentiment. Chinese airliners and coal miners continued to deteriorate in Hong Kong; shares of Yanzhou Coal (HKG:1171) (NYSE:YZC) fell 3.8 percent followed closely by China's largest coal miner, China Shenhua Energy (HKG:1088). The Chinese government ordered coal miners to keep coal prices flat for the summer, hurting margins for miners but helping power producers. China Eastern Airlines (HKG:0670) (NYSE:CEA) and China Southern Airlines (HKG:1055)(NYSE:ZNH) fell 3.9 percent and 4.0 percent, respectively.

But bargain hunters helped the Shanghai Composite Index (SHA:000001) to eke out a 9.1 point gain in a late afternoon rally. Mainland China's stock market suffered a 26 percent decline YTD, second only to Greece's 35 percent fall in 2010, making Shanghai shares attractive in valuation.

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Index futures point to a lower open following the all important payroll data. This implies Chinese airliners, China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH), are expected to follow their H-shares lower on the NYSE today. Outlook is dim for China's third largest coal miner, Yanzhou Coal (NYSE:YZC), as well.



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