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China stocks jump in Hong Kong early October

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advance6 October 4, 2010 (Chinavestor) While the market in Shanghai remained closed for the day, Hong Kong traders were jubilant following China's Premier Wen comments about the economy and strong expansion of non-manufacturing industries. The Hang Seng Index (INDEXHANGSENG:.HSI) jumped 260.5 points or 1.2 percent buoyed by large cap energy stocks as oil rose above $80 barrel. Petrochina Co. Ltd. (HKG:0857), the largest Chinese oil producer, rose 5.5 percent registering its best daily gain in 2010. Yazhou Coal Mining (HKG:1171), China's third largest coal miner, jumped 6.1 percent while CNOOC Ltd. (HKG:0883), China's offshore oil specialist, advanced 4.9 percent. Aluminum Corp. of China (HKG:2600), the world third largest maker of the metal, rose 3.8 percent. China Southern Airline (HKG:1055), the largest Chinese carrier by fleet size, rose 3.8 percent, as well. The rally was universal, stocks that rose outnumbered those that fell five to one among components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI).

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Wen Jiabao, China's Premier, told in a CNN interview that China will shift to focus on domestic consumption instead of exports, lifting investor sentiment. The China Federation of Logistics and Purchasing released on its website the latest reading of the Non-Manufacturing Purchasing Index rose to 61.7 in September from 60.1 in August. Data suggests government instilled construction activity is on the rise. The data came on the heels of accelerating manufacturing PMI for September, underlying the structural strength of the Chinese economy.

If components of the Hang Seng Index (INDEXHANGSENG:.HSI)  can serve as a proxy for Chinese ADR trading in New York, outlook is the brightest for energy stocks such as Yanzhou Coal (NYSE:YZC), Petrochina (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO). But investors of Aluminum Crop. of China (NYSE:ACH) and China Southern Airline (NYSE:ZNH) will most likely have a reason to cheer, as well.



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