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China stocks kickstart August with big gains

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advance6 Aug. 2, 2010 (Chinavestor) Chinese stocks rallied in Asia on the first trading day of August, extending gains from July. The Hang Seng Index (INDEXHANGSENG:.HSI)  jumped 383.0 points or 1.8 percent to 21,412.79 while the Shanghai Composite Index (SHA:000001) advanced 35.0 ponits or 1.3 percent to 2,672.52. The rally was universal in both markets; stocks that advanced outnumbered those that fell twenty to one in Hong Kong and fifty to one in Shanghai.

Chinese energy companies outperformed; Yanzhou Coal (HKG:1171) (NYSE:ZNH) rose 3.5 percent followed by large cap Petrochina Co. (HKG:0857) (NYSE:PTR) with a 2.6 percent jump. CNOOC Ltd. (HKG:0883) (NYSE:CEO), China's off-shore oil specialist, advanced 2.3 percnet. China Life Insurance (HKG:2628) (NYSE:LFC), the largest Chinese life insurer, rose 2.0 percent.

Real estate and construction material stocks led the rally in Shanghai after the market reached a concensus that governemnt polciy will remain favoable for the sector. Poly Real Estate (SHA:600048), the largest real esate developer listed in Shanghai, rose 2.5 percent.

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If Honjg Kong can serve as a proxy for U.S. listed Chinese stocks, outlook is brioght for Yanzhou Coal (NYSE:YZC), Petrochina Co. Ltd. (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO). Another long-term play is China Life Insurance (NYSE:LFC) - but ETFs such as the Morgan Stanley China Fund (NYSE:CAF) and the iShares FTSE/Xinhua 25 Index (NYSE:FXI) are expected to outperform the broad market as well.

Nam Tai Electronics (NYSE:NTE) is schedule to report earnings on Monday. For the rest of the week, read China stock earnings calendar Aug. 2-6



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