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Bargain hunting lifts China shares in Asia July 6

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advance6 July 6, 2010 (Chinavestor) Investors snapped up undervalued Chinese shares on Tuesday as rumors spread that the governemt may ease fiscal tightening to encounter slower growth. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 241.9 points or 1.2 percent while the Shanghai Composite Index (SHA:000001) jumped 45.5 points or 1.9 percent. Undervalued Poly Real Estate (SHA:600048), the largest Shanghai listed real estate developer, jumped 3.9 percent. China Life Insurance (SHA:601628) (NYSE:LFC) advanced 2.6 percent on a broad market rally as financials and banks gained. AgBank is preparing to its maiden IPO hoping to raise as much as $20 billion. Financials outperformed the rest of the market in Shanghai.

China Telecom (HKG:0728) (NYSE:CHA) was the best performing NYSE-HKEx cross listed blue chip on Tuesday.  Resource players shined, Angang Steel (HKG:0347) rose 5.5 percent while Aluminum Corp. of China (HKG:2600) (NYSE:ACH) rose 4.7 percent.

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Index futures suggests Hong Kong-NYSE double listed stocks will cheer investors on Tuesday. China Telecom (NYSE:CHA), China Life Inssruance (NYSE:LFC), Aluminum Corp. of China (NYSE:ACH) will outperform the rest of the sector but expect the rest of the telecoms - China Mobile (NYSE:CHL) and China Unicom (NYSE:CHU) - to do well.



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