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China stocks end first week of August on a high note

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advance8 August 6, 2010 (Chinavestor) China stocks extended their rally in Asia on Friday as investors gauged increasing food prices and the result of the bank stress test. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 127.1 points or 0.6 percent on Friday, jumping 2.15 percent for the week. Huaneng Power Int. (HKG:0902) (NYSE:HNP), the largest independent Chinese power producer, jumped 2.6 percent catching up with the rest of the market. China Eastern Airlines (HKG:0670) (NYSE:CEA), the second largest Chinese carrier, rose for the third day in a row by adding 1.6 percent on Friday. But investors in Hong Kong kept their eye on the all important U.S. jobs data. Investors on the main;and focused on domestic news. The Shanghai Composite Index (SHA:000001) jumped 37.6 points or 1.4 percent to 2,658.39, advancing for the third week in a row.The rally was universal, every component of the SSE-50 Index, measuring the performance of the 50 largest listed companies in Shanghai, advanced. Excessive flooding may cause jump in food prices, investors thought, lifting shares of Heilongjiang Agriculture (SHA:600598) 5.4 percent. Bright Dairy (SHA:600597, the second largest Chinese dairy producer, rose 2.7 percent.

Pre_201086_index

China New Borun (NYSE:BORN), 51job Inc. (NASDAQ:JOBS) and China Integrated Energy (NASDAQ:CBEH) reported earnings on Thursday while China Sunergy (NASDAQ:CSUN) will report before the open on Friday. Chinese solar stocks may find direction after two representatives from the industry reported; Solarfun Power Holdings (NASDAQ:SOLF) released earnings earlier the week.

If Hong Kong, or the the Hang Seng Index (INDEXHANGSENG:.HSI), can serve as a proxy for China ADR trading, expect Huaneng Power (NYSE:HNP) and China Eastern Airlines (NYSE:CEA) to outperform on Friday. But it will be the all important jobs report that will give direction to the market.



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