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China stocks modest advance in Asia on Tuesday

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advance5 August 17, 2010 (Chinavestor) Chinese indices eked out a small gain in Hong Kong and Shanghai on Tuesday following positive foreign investment and economic data. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 25.3 points or 0.1 percent to 21,137.43 while the Shanghai Composite Index (SHA:000001) rose 10.2 points or 0.4 percent to 2,671.89. Stocks that advanced outnumbered three to one in Hong Kong and in Shanghai.

China Southern Airlines (HKG:1055) NYSE:ZNH) and Huaneng Power International (NYSE:HNP) (HKG:0902) fell the hardest among NYSE-HKEX cross listed blue chips on Tuesday. Aluminum Corp. of China (HKG:2600) (NYSE:ACH) and China Life Insurance (NYSE:LFC) (HKG:2628) gave back some of the gains from Monday as well. But Yanzhou Coal (HKG:1171) (NYSE:YZC), the third largest Chinese cola miner, rose 1.3 percent while China Mobile (NYSE:CHL) (HKG:0941) extended its gains by another 0.5 percent on Tuesday.

Investors in Shanghai gained confidence after data showed direct foreign investment rose for the 12th consecutive month in July.  Chinese coal miners outperformed the broad market in Shanghai. China Shenhua Energy (SHA:601088), the largest coal miner in China, advanced 2.5 percent. China Coal Energy (SHA:601898), the second largest coal miner, rose 1.6 percent. Poly Real Estate (SHA:600048), the largest Shanghai listed property developer, jumped 2.5 percent. China Cosco (SHA:601919), the largest bulk shipper of the world, eased 1.1 percent following a 10 percent jump a day before. Industrial and Commercial Bank of China (SHA:601398), the largest financial institution in the world, fell 0.7 percent.

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If Hong Kong can serve as a proxy for Chinese ADRs, outlook is bright for China Mobile (NYSE:CHL) and Yanzhou Coal (NYSE:YZC), but China Southern Airlines (NYSE:ZNH), China Life Insurance (NYSE:LFC) and Aluminum Corp. of China (NYSE:ACH) are under pressure before the opening bell.

Suntech Power Holdings (NYSE:STP), a large cap Chinese solar maker, will report earnings before the bell. For more earnings, read China stock earnings calendar, August 16-20.



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