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China stocks end up second week in a row in Asia

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advance5 September 10, 2010 (Chinavestor) Despite a weak opening, key Chinese indices ended the day in the black in Asia. The Shanghai Composite Index (SHA:000001) eked out a gain of 6.9 points or 0.3 percent while the Hang Seng Index (INDEXHANGSENG:.HSI) rose 90.1 points or 0.4 percent to 21,257.39. Both key indices recoded gains for the second week in the row.

NYSE-HKEX cross listed blue chips were the most active components of the Hang Seng Index (INDEXHANGSENG:.HSI) on Friday. Airliners and China Mobile (HKG:0941) (NYSE:CHL) fell but energy and China Telecom (HKG0728) (NYSE:CHA) rose. Shares of China Eastern Airline (HKG:0670) (NYSE:CEA) tumbled 1.4 percent followed closely by China Southern Airlines (HKG:1055) (NYSE:ZNH). China's largest mobile phone company fell 1.2 percent. Yanzhou Coal (HKG:1171) (NYSE:YZC), the third largest coal miner in China, shed 1.0 percent. But offshore driller CNOOC Ltd. (HKG:0883)(NYSE:CEO) jumped 3.2 percent as oil prices firmed up while Huaneng Power International (HKG:0902) (NYSE:HNP), the largest Chinese independent power producer, advanced 1.1 percent.

Most of the gains are attributed to the return of confidence that China's economy will avoid a hard lending. Imports and exports for August rose to the second highest on record resulting in a trade surplus of over $20 billion. Another indicator of stong domestic consumtion is that auto sales rose three times as fast in August than in July, a strong bounce back from a slump a month earlier. Investor fear that the pickup may force the government to tighten the once red hot property sector, punishing real estate and construction related compenies the most.

pre_2010910_index

Traders were focusing on curbs of the property sector in Shanghai, sending shares of Poly Real Estate (SHA:600048) 1.8 percent lower for the day or 5.2 percent for the week. Construction related Jiangxi Copper (SHA:600362), China's largest maker of the metal, fell 1.7 percent. China Vanke (SHE:200002), the largest listed property developer in China, tumbled 2.89 percent on Friday.Baoshan Iron and Steel (SHA:600019), the largest steel maker in China, fell 0.3 percent on Friday.

If performence of the components of the Hang Seng Index (INDEXHANGSENG:.HSI) are any good in predicting trading for NYSE listed companies, China Mobile (HKG:0941) (NYSE:CHL) and Chinese airlines are in trouble ahed the opening bell on Friday. But outlook is bright for CNOOC Ltd. (NYSE:CEO) and for Huaneng Power International (HKG:0902) (NYSE:HNP).



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