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China stocks mixed in Asia on Sept. 29

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buy_sell_2 September 29, 2010 (Chinavestor) Shares of Chinese companies advanced in Hong Kong but traded sideways in Shanghai on Wednesday. The Hang Seng Index (INDEXHANGSENG:.HSI) jumped 200 points at the open to finish the day 268.7 points or 1.2 percent higher. Investors found support in the late U.S. rally on Tuesday and accelerating manufacturing in China. But investors on the Mainland were consumed by rumors that the government will impose additional curbs on the property market. The Shanghai Composite Index (SHA:000001) traded sideways shedding -0.7 points or 0.0 percent by the close.

Aluminum Corp. of China (HKG:2600) was among the best performing five components of the Hang Seng Index (INDEXHANGSENG:.HSI) and was the best among the 50 largest components of the Shanghai Composite Index (SHA:000001). The company is investing $1.5 billion in a rare earth metals company in China, a country that controls 90 percent of world production. Jiangxi Copper (SHA:600362), the largest producer of the metal, rose 4.1 percent in Shanghai while Zijin Mining (HKG:2899), the largest Chinese gold miner, advanced 4.7 percent.

Yanzhou Coal (HKG:1171) (NYSE:YZC), the third largest coal miner in China, rose 5.0 percent but is now overbought... Each and every HKEx-NYSE cross-listed blue chips advanced in Hong Kong.

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Index futures point to a mixed open but Chinese ADRs might find support in the strong performance of the Hang Seng Index (INDEXHANGSENG:.HSI).  Aluminum Corp. of China (NYSE:ACH) is expected to beat the markets again, with Yanzhou Coal (NYSE:YZC) and Sinopec (NYSE:SNP) following closely.



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