July 16, 2010 (Chinavestor) Investors in Asia stepped to the side digesting a slew of economic and corporate news on Friday. Both the Hang Seng Index (INDEXHANGSENG:.HSI) and the Shanghai Composite Index (SHA:000001) were unchanged from Thursday leaving them in the red for the week.
Air China (HKG:0753) ended the four day wining streak and succumbed to profit taking in Hong Kong, shedding 1.4 percent on Friday. But China Eastern Airlines (HKG:0670) advanced 2.2 percent following a 50 percent jump in first six months profit estimates over last year. Datang Power (HKG:0991), the second largest Hong Kong listed power producer advanced 2.4 percent following better-than-expected first quarter earnings.
Index heavy weight Petrochina (SHA:601857) and Industrial and Commercial Bank of China (SHA:601398) lost 0.7 percent each, pressuring the Shanghai Composite Index (SHA:000001) for the day. But oversold Jiangxi Copper (SHA:600362) bounced back up while China Cosco (SHA:601919), the largest container shipper in the world, rose 1.5 percent.
Index futures point to a mixed open for Chinese ADRs. While most companies beat earnings, including Citigroup (NYSE:C), General Electric (NYSE:GE) and Bank of America (NYSE:BAC), Google missed earnings estimates pressuring the market.
China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH), Aluminum Corp. of China (NYSE:ACH) and China Life Insurance (NYSE:LFC) are expected to show force on the NYSE on Friday, based on their Hong Kong performance earlier today. All these stocks were among winners among Hang Seng Index (INDEXHANGSENG:.HSI) components.
China Eastern Airlines (NYSE:CEA) reported a 50% increase of first half profit a day before: China Eastern Air Profit Up 50%. China Life Insurance (NYSE:LFC) reported a modest insurance policy growth for the first six months as well: China Life Insurance policies grew 6.3 percent