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China stocks mixed in Asia ahead of key jobs report

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banace_3 September 3, 2010 (Chinavestor) Investors in China were cautious ahead of key jobs report in the U.S. on Friday. The Hang Seng Index (INDEXHANGSENG:.HSI) jumped 200 points in the last two hours of trading, ending 102.6 or 0.5 percent higher for the day. Mainland China was less dynamic; despite a 20 points rally in the last three hours of trading, the Shanghai Composite Index (SHA:000001) ended that day slightly in the red.

Automakers led the Hang Seng Index (INDEXHANGSENG:.HSI) higher after news that August car sales grew three times faster than in July. Brilliance China Auto (HKG:1114), partner of Germany's BMW, jumped 8.0 percent on Friday. China Southern Airlines (HKG:1055), the largest carrier by fleet size in Asia, rose 1.9 percent while index heavy weight China Mobile (HKG:0941) advanced 1.6 percent. As far as NYSE-HKEx cross listed blue chips are concerned, China Telecom (HKG:0728) (NYSE:CHA), Yanzhou Coal (HKG:1171) (NYSE:YZC), Guangshen Rail (HKG:0525) (NYSE:GSH) and Sinopec (HKG:0386) (NYSE:SNP) advanced over 1 percent for the day. 

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China's largest automaker, SAIC Motor (SHA:600104) rose 1.1 percent on Friday, accumulating 12.4 percent gain for the week. But property developer fell on conversn that home prices will start falling in September. China Vanke (SHE:200002), the largest publicly traded developer and Poly Real Estate Group (SHA:600048), the most liquid real estate firm in Shanghai, fell for the day.

Index futures are sharply up this morning following a better-than-expected payroll reading. This suggests outlook is very bright for China Mobile (NYSE:CHL) and China telecom (NYSE:CHA) from the telecom sector. Sinopec (NYSE:SNP) and Yanzhou Caol (NYSE:YZC) is looking good from the energy sector. Guangshen Rail (NYSE:GSH) and China Southern Airlines (NYSE:ZNH) are expected to outperform the broad transportation industry as well.



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