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China stocks mixed in Asia on August 13

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forecast_down August 13, 2010 (Chinavestor) Stock markets in Asia trailed global markets lower for the week. The Hang Seng Index (INDEXHANGSENG:.HSI)  fell 2.2 percent while the Shanghai Composite Index (SHA:000001) was off 1.2 percent for the week.

Investors in Hong Kong continued the sell-off on Friday, sending the Hang Seng Index (INDEXHANGSENG:.HSI) 34.1 points or 0.2 percent lower for the day. Index heavy weight China Mobile  (NYSE:CHL)(HKG:0941), the largest mobile carrier in the world, gave back most of the gains from Thursday, diving 1.8 percent for the day. Petrochina Co. (HKG:0857), another index heavy weight, shed 0.2 percent. China Shenhua Energy (HKG:1088), China's largest coal miner, fell 0.9 percent. But Zijin Mining (HKG:2899), the largest Chinese gold miner, advanced 3.3 percent as gold spot prices rose to a six month high. Chinese airliners broke four days of straight losses trimming downside for the week. China Eastern Airlines (NYSE:CEA) (HKG:0670) rose 6.6 percent followed closely by China Southern Airlines (NYSE:ZNH) (HKG:1055) and Air China (HKG:0753). ZTE Corp. (HKG:0763), the second largest Chinese telecommunication equipment maker, bounced back 3.3 percent after a 5.4 percent tumble the day before.

Trading in Shanghai was more universal on Friday. Stocks that advanced outnumbered those that fell 25 to 1 among the 50 largest listed companies. The Shanghai Composite Index (SHSA:000001) managed to rose 31.2 points or 1.2 percent on Friday. Metal stocks outperformed the broad market: Zijin Mining Co. (SHA:601899) led the advance with a 3.3 percent jump followed by Jiangxi Copper (SHA:600362) and Aluminum Corp. of China (NYSE:ACH) (SHA:601600). China Cosco Holdings (SHA:601919), the largest container shipper in the world, bounced back 2.2 percent after four days of straight losses earlier the week.

pre_2010813_index

If the performance of components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as a proxy for their NYSE listed ADRs, outlook is bright for Chinese airliners. China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH) are expected to outperform on Friday, in addition to Huaneng Power (NYSE:HNP), China Unicom (NYSE:CHU) and Aluminum Corp. of China (NYSE:ACH). But China Mobile (NYSE:CHL) and Petrochina Co. Ltd. (NYSE:PTR), the largest Chinese oil producer, are under pressure before the opening bell on the NYSE.



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