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China stocks gain in Asia as recession ends

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advance8 September 21, 2010 (Chinavestor) Shares of Chinese companies rose in key Asian markets on Tuesday as the official end of the recession sent the Dow Jones Industrial Average (INDEXDJX:.DJI) 145.8 points or 1.4 percent higher on Monday. The Hang Seng Index (INDEXHANGSENG:.HSI) ended the day 25.3 points or 0.1 percent higher after a volatile session while the Shanghai Composite Index (SHA:000001) eked out a small 2.8 points or 0.1 percent gain. While the gain was modest in both markets, the rally was wide; stocks that advanced outnumbered those that fell four to one in Hong Kong and two to one in Shanghai.

Airliners took the lead among components of the Hang Seng Index (INDEXHANGSENG:.HSI). Shares of China Eastern Airlines (HKG:0670) rose 6.5 percent followed by Air China (HKG:0753) and China Southern Airlines (HKG:1055). China Cosco (HKG:1919), the largest container shipper in the world, rose 3.3 percent, on hopes that the global economic recovery is on track. China Shipping Development (HKG:1138), another shipping company, rose 3.1 percnet. NYSE-HKEx cross listed blue chips recorded modest gains. China Unicom (HKG:0762) and China Life Insurance (HKG:2628) rose over 1 percent while large cap Petrochina (HKG:0857) and Aluminum Corp. of China (HKG:2600) followed them closely. But power companies continued to lose ground as demand for energy pushed coal prices higher; Huaneng Power Int. (HKG:0902) fell 1.6 percent along with Datang Power (HKG:0991) and Huadian Power (HKG:1071).

Consumer staples and cyclical stocks outperformed mining stocks in Shanghai. SAIC Motor (SHA:600104), the largest auto maker in China, led large cap Shanghai stocks higher. But Jinduicheng Molybdenum (SHA:601958) and Jiangxi Copper (SHA:600362) continued the free fall as investors shunned construction related materials. Rumors that the government will continue to crack down on the housing sector is behind the sell-off. Western Mining (SHA:601168) fell along the sector.

pre_2010921

Index futures point to a higher open as housing data suggests the sector is nearing the bottom. Housing starts rose 10.5 percent in August, an unexpected move that will boost investors' sentiment. If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxies for Chinese ADRS, outlook is broght for China Eastyern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH), the second and the first largest Chinese carriers. China Unicom (NYSE:CHU) outperformed the rest of the sector in Hong Kong while China Life Insurance (NYSE:LFC) and Aluminum Corp. of China (NYSE:ACH) rose on outlook.



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