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China stocks advance cautiously in Asia on Sept. 14

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advance_8 September 14, 2010 (Chinavestor) Investors turned cautious in Asia on Tuesday after a bull run the day before, sending Chinese indices sideways for most of the day. The Shanghai Composite Index (SHA:000001)moved 0.2 points or 0.0 percent for the day while the Hang Seng Index (INDEXHANGSENG:.HSI)  edged 37.7 points or 0.2 percent higher to 21,696.04 points. Most Hong Kong listed China stocks ended the day in the black with Brilliance Auto China (HKG:1114) taking the lead, again. The stock rose 5.2 percent on Tuesday on top of a 6.8 percent jump the day before. H-shares of China Eastern Airlines (HKG:0670) (NYSE:CEA), the second largest Chinese carrier, rose 3.3 percent while larger rival China Southern Airlines (HKG:1055) (NYSE:ZNH) rose 1.8 percent. China Life Insurance (HKG:2628) (NYSE:LFC) went sideways ahead of the monthly update on premiums income released after the close.

pre_2010914_index

China's Premier, Wen Jiabao, spoke of a "sound economy" but warned of high property prices that could cause unrest. Mr. Wen spoke at the World Economic Forum in Tianjin. He issued an optimistic view about the overall Chinese economy but warned of more tightening in the real estate arena unless property prices come under control. China Cosco Holdings (HKG:1919) was the worst performing component of the Hang Seng Index (INDEXHANGSENG:.HSI) and her A-shares (SHA:601919) fell 1.3 percent in Shanghai as well. Jiangxi Copper (SHA:600362), a metal widely used in construction, continued to slide.

Index futures point to a flat open on the NYSE before the open. If components of the Hang Seng Index (INDEXHANGSENG:.HSI)  can be a guide for NYSE listing, expect China Eastern Airline (NYSE:CEA) and China Southern Airline (NYSE:ZNH) to outperform the rest of the market but China Telecom (NYSE:CHA) and overbought CNOOC Ltd. (NYSE:CEO) is in trouble.

For more coverage about overbought/oversold China stocks this morning, read Careful with overbought large cap China stocks.



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