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China stocks trade sideways in Asia on August 26

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buy-sell August 26, 2010 (Chinavestor) China stock traders remained cautious in Asia on Thursday, evidenced by the 'no direction' trading in Shanghai and Hong Kong. The Shanghai Composite Index (SHA:000001) advanced 6.9 points or 0.3 percent, reversing course after falling 2.1 percent on Wednesday. The Hang Seng Index (INDEXHANGSENG:.HSI) continued to trade water, shedding another 0.1 percent for the day.

ZTE Corp. (HKG:0763), the second largest Chinese telecom equipment maker, jumped 4.7 percent after its first hands were delivered to Verison Wireless, marking its entrance to the U.S. market. Jiangxi Copper (HKG:0358), the largest producer of the metal in China, advanced 2.1 percent while PCCW (HKG:0008) bounced back 1.2 percent following a 14 percent dive in the past two days. The telecom sector made up for previous losses, China Mobile (NYSE:CHL) (HKG:0941) and China (NYSE:CHA) (HKG:0728) advanced 1.3 percent and 1.6 percent, respectively. But the day wasn't cake walk for everyone. China Life Insurance (NYSE:LFC) (HKG:2628), the largest Chinese insurer, fell the most among components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI). The company reported slower earnings growth due to lackluster performance on its investment income, prompting analyst downgrades. China Unicom (NYSE:CHU) (HKG:0762) and China Southern Airlines (HKG:1055) (NYSE:ZNH) were among the biggest losers among NYSE-HKEx cross listed blue chips for the day.

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China Life Insurance (SHA:601628) was the worst performing stock among the 50 largest Shanghai listed companies, with a 3.3 percent decline. Shares of China Pacific Insurance (SHA:601601) fell 1.0 percent but Ping An Insurance (SHA:601318) managed to eke out a 0.65 percent gain. China Cosco Holdings (SHA:601919), the largest shipper by market cap in he world, advanced 1.2 percent following earnings announcement. The company returned to profitability as shipping rates improved across the Pacific. Jiangxi Copper (SHA:600362) A-shares advanced 2.1 percent in Shanghai,  trailing its Hong Kong listed H-shares lower.

If Hong Kong can be any proxy for U.S. ADR trading, China Life Insurance (NYSE:LFC) is in trouble along with China Unicom (NYSE:CHU) and China Southern Airlines (NYSE:ZNH). But large cap China Mobile (NYSE:CHL) and China Telecom (NYSE:CHA) are poised to beat the broad market on Thursday, along with Petrochina (NYSE:PTR).

China Education Alliance, Inc. (NYSE:CEU) is going to ring the opening bell on Thursday, an event Blaze Fabry from Chinavestor is going to participate. The event is followed by an interview with its Chairman and CEO, Mr. Xiqun Yu. Expect an exclusive report on the site in the upcoming days.

 



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