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China stocks jump in Asia on Sept. 13

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advance2 September 13, 2010 (Chinavestor) China stocks took off in Asia on Monday as evidence mount that domestic consumption and manufacturing activity will keep Asia's growth engine chumming. Industrial production grew 13.9 percent while retail sales jumped 18.4 percent in August. Inflation accelerated to 3.5 percent, the most in 22 months. The Hang Seng Index (INDEXHANGSENG:.HSI) jumped over 400 points or 1.9 percent to 21,658.35 while the Shanghai Composite Index (SHA:000001) advanced 25.1 points or 0.9 percent. 

Consumer, construction and real estate stocks led the rally in both markets. Poly Real Estate (SHA:600048), the largest Shanghai listed developer, rose 2.7 percent while Jiangxi Copper (SHA:600362), the largest producer of the metal, advanced 2.5 percent. Angang Steel (HKG:0347) jumped 5.0 percent while Maanshan Iron (HKG:0323) rose 4.1 percent. Brilliance China Auto (HKG:1114), the Chinese partner of BMW, jumped 6.8 percent. 

pre_2010913_index

Index futures point to a higher opening ahead the bell. Given that H-shares of CNOOC Ltd. HKG:0883)(NYSE:CEO) and China Unicom (HKG:0762)(NYSE:CHU) were among the best performing components of the Hang Seng Index (INDEXHANGSENG:.HSI) on Monday, their ADRs are expected to rock the boat on the NYSE today.



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