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China stocks continue to advance in Asia

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advance3 July 28, 2010 (Chinavestor) Chinese stocks advanced in Shanghai on domestic outlook while Hong Kong listings took a merit from upbeat U.S. earnings. The Shanghai Composite Index (SHA:000001) advanced 58.3 points or 2.2 percent to 2,633.36 while the Hang Seng Index (INDEXHANGSENG:.HSI) rose 117.8 points or 0.6 percent to 21,091.18.

The rally was universal in Shanghai, each of the 50 largest publicly traded companies advanced. China Coal (SHA:601898) and China Shenhua Energy (SHA:601088), the second largest and the largest Chinese coal miners, rose 7.6 percent and 4.3 percent, respectively. Finance stocks advanced as investors bet on the resurgence of the domestic economy.

Hong Kong investors sent shares of China Eastern Airlines (HKG:0670) (NYSE:CEA) 5.0 percent higher following a Morgan Stanley upgrade. Shares of China Southern Airlines (HKG:1055) (NYSE:ZNH), the largest Chinese carrier, rose 2.54 percent. But Chinese coal miners fell in Hong Kong; Yanzhou Coal (HKG:1171) (NYSE:YZC) fell 0.7 percent while China Shenhua Energy (HKG:1088) shed 1.3 percent. China Unicom (HKG:0762) (NYSE:CHU), the second largest Chinese mobile carrier, fell 1.0 percent.

pre_2010728_index

The positive tone is expected to carrier over to the U.S. on Wednesday. But if Hong Kong - or the Hang Seng Index (INDEXHANGSENG:.HSI) - can serve as a proxy, outlook is dim for China Unicom (NYSE:CHU) and Yanzhou Coal (NYSE:YZC). NYSE listed China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH) are expected to outperform on Wednesday.

The seven day advance in the last eight trading days for the Shanghai Composite Index (SHA:000001) suggests the Morgan Stanley China Fund (NYSE:CAF) is looking good, too.

Regarding earnings, China BAK Battery (NASDAQ:CBAK) is scheduled to report second quarter earrings after the close on Wednesday. China stock earnings calendar, July 26-31.



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