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: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in
July 9, 2010 (Chinavestor) Shares of Chinese companies recorded the most weekly gains for 2010 sending the Hang Seng Index (INDEXHANGSENG:.HSI) 2.4 percent higher for the week while the Shanghai Composite Index (SHA:000001) advanced 3.7 percent for the week. The gauge rose 55.8 points or 2.3 percent on Friday with resource and energy stocks taking the lead. Investors in China turned optimistic following better-than-expected jobs report in the U.S. and comments from the Chinese Central Bank suggesting that tightening will be loosened to pave way for a soft landing for the Chinese economy.
China Eastern Airlines (HKG:0670) (NYSE:CEA), the second largest Chinese carrier by fleet size, advanced 3.7 percent following news that passenger numbers rose 70 percent in June from a year earlier. Shares of China Southern Airlines (HKG:1055) (NYSE:ZNH), the largest carrier by fleet size, advanced 1.87 percent. Energy stocks also rose on firmer oil futures and a major upgrade. Citigroup upped China Shenhua (HKG:1088), the largest Chinese coal miner, from "hold" to "buy" sending its shares up 1.8 percent for the day. Smaller rival Yanzhou Coal (HKG:1171) (NYSE:YZC) jumped 2.64 percent. But China Unicom (HKG:0762) (NYSE:CHU) fell for the fourth day in row, erasing some of the earlier gains for the last month.
Trading in Shanghai was even more enthusiastic than in Hong Kong. The Shanghai Composite Index (SHA:000001) rose 2.3 percent for the day as value investors bet on a soft lending for the Chinese economy. The rally was universal, 48 out of the 50 largest listed Chinese stocks advanced for the day.
If trading in Hong Kong serves as a proxy for Chinese ADRs trading in the U.S., expect Chinese energy and airline stocks to outperform while telecoms will stay under water. Yanzhou Coal (NYSE:YZC), Petrochina (NYSE:PTR) and CNOOC Ltd (NYSE:CEO) from the energy sector look good before the opening bell on Friday. China Eastern Airline (NYSE:CEA) and China Southern Airlines (NYSE:ZNH) are expected to beat major indices for the day, as well. Investors have to prepare for additional losses for China Unicom (NYSE:CHU), the second largest mobile carrier in China.
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