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China stocks shine in Asia on policy shift

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advance9 July 22, 2010 (Chinavestor) Shares of Chinese companies advanced in Asia on Thursday as signs of policy change emerge. Chinese investors turned bullish following rumors that the government is going to ease fiscal policy amid slower economic growth. The Shanghai Composite Index (SHA:000001) rose 27.0 points or 1.1%, for the fourth day for the week, while the Hang Seng Index (INDEXHANGSENG:.HSI) advanced 102.5 points or 0.5 percent.The advance was universal in Shanghai, stocks that advanced outnumbered those that fell twenty five to one.

Chinese real estate and construction companies advanced the most in the Mainland with Poly Real Estate (SHA:600048), the largest Shanghai listed real estate developer, jumping 4.5 percent. China Life Insurance (SHA:601628)(NYSE:LFC), the largest Chinese life insurer, rose 1.9 percent as outlook for financial markets improved. The company derives 15 percent of its bottom line from investment related services.

Energy, resource and material stocks pulled the Hang Seng Index higher. Yanzhou Coal (HKG:1171) (NYSE:YZC), the third largest Chinese coal miner, rose 2.9 percent while Maanshan Iron (HKG:0323) and Angang Steel (HKG:0347) advanced 4.7 percent and 2.2 percent, respectively.

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Baidu.com (NASDAQ:BIDU), the largest Chinese search engine company, reported a blockbuster second quarter result after the close on Wednesday, stealing the story from the rest of the Chinese ADRs. Besides BIDU,  outlook is bright for Yanzhou Coal (NYSE:YZC), China Life Insurance (NYSE:LFC) and China Unicom (NYSE:CHU).



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