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China stocks up in Asia despite global weakness

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advance2 August 9, 2010 (Chinavestor) Shares of  Chinese companies advanced in on Monday Asia despite a weak U.S. jobs report. The Hang Seng Index (INDEXHANGSENH:.HSI) rose 127.1 points or 0.6 percent to 21,678.80 while the Shanghai Composite Index (SHA:000001) advanced 37.6 points or 1.4 percent to 2,658.39. Investors in Hong Kong eyed U.S. market but turned optimistic on earnings outlook. A large number of earnings reports are due later in August for Chinese companies while investors bet on their resiliency to global foes. 

Food and consumer staples led stocks higher in Hong Kong; stocks that advanced outnumbered those that fell three to one out of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI). Sinopec Shanghai Pertochemical (HKG:0338) (NYSE:SHI), China Mobile (HKG:0941) (NYSE:CHL) and China Eastern Airlines (NYSE:CEA) were among the best performing HKEx-NYSE cross-listed blue chips.

Food and cement companies led the advance in Shanghai. Massive floods are pushing food prices higher, helping stock Heliongjiang Agriculture (SHA:600598) to reach a four month high on Monday. Anhui Conch Cement Co. (SHA:600585), the largest Chinese cement maker, rose 1.8 percent following news that the government intents to shut down hundreds of small, inefficient cement makers. Financial stocks fell ahead of the Everbright Bank Co. mega IPO, sucking up liquidity from the rest of the sector.

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Earnings will remain in focus for Chinese ADRs ahead the bell on Monday. There is a record number of Chinese ADRs reporting today, visit the China stocks earnings calendar for Aug 9-13 for details.

If the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as a proxy for Chinese ADRs, outlook is bright for Sinopec Shanghai Petrochemcial (NYSE:SHI) and China Mobile (NYSE:CHL) but Aluminum Crop. of China (NYSE:ACH) and CNOOC Ltd. (NYSE:CEO) are in trouble ahead the opening bell on Monday.



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