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China stocks mixed in Asia on August 27

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Asia_1 August 27, 2010 (Chinavestor) China shares advanced in Shanghai but continued to erode in Hong Kong as investors gauge the latest string of global economic data. The Shanghai Composite Index (SHA:000001) rose7.3 points or 0.3 percent while the Hang Seng Index (INDEXHANGSENG:.HSI) fell 14.7 points or 0.1 percent. Friday marked the sixth straight day of losses for the Hang Seng Index (INDEXHANGSNEG:.HSI) as concerns about the global economic recovery grew.

China eastern Airlines (HKG:0670) (NYSE:CEA) was the worst performing component of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI), tumbling 4.6 percent on Friday. The stock is off 7.4 percent for the week. Chinese coal miners fell as demand for power is going to slow. Yanzhou Coal (HKG:1171) (NYSE:YZC), China's third largest coal miner, fell 1.8 percent followed closely by China Shenhua (HKG:1088), the largest Chinese coal miner. China Life Insurance (HKG:2628) (NYSE:LFC) continued to tumble following weak quarterly report earlier the week. Shares of the company fell 1.8 percent in Hong Kong on Friday. But large cap China Mobile (HKG:0941) (NYSE:CHL) rose 0.9 percent, while smaller mobile operator China Unicom (HKG:0762) (NYSE:CHU) advanced 1.2 percent.

pre_2010827

China Shenhua Energy (SHA:601088), the largest Chinese coal miner, fell the most among the 50 largest Shanghai listed stocks. But China National Medicines Corp. (SHA:600511) rose 3.9 percent following rumors that China may give preferential status to medical companies. Heilongjiang Agriculture Co. (SHA:600598) advanced 2.4 percent after the company announced plans to increase grain output for 2010.

If Hong Kong - or the Hang Seng Index (INDEXHANGSENG:l.HSI) - can serve as a guide for Chinese ADRs, outlook is dim for Yanzhou Coal (NYSE:YZC) and China Life Insurance (NYSE:LFC) for the day, but China Mobile (NYSE:CHL) and China Unicom (NYSE:CHU) are expected to outperform the market. CNOOC Ltd. (NYSE:CEO), China's offshore oil producer, is another candidate for a positive surprise.



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