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China shares recover in Hong Kong on October 5

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advance4 October 5, 2010 (Chinavestor) Shares of Chinese companies in Hong Kong trailed U.S. indices lower but rallied in the last hour of trading as Bank of Japan cut interest rates to zero. The Hang Seng Index (INDEXHANGSENG:.HSI)  rose 20.5 points or 0.1 percent by the end of the trading day. China Life Insurance (NYSE:LFC) was the best performing component of the 42 member index thanks to a 6.9 percent steady advance. With outlook improving for Chinese indices, exposure to equities is sweetening for the largest life insurer in China. Coal stocks continued to perform well as price of oil neared $87/barrel. Coal prices are tied to that of oil in China. China Shenhua Energy (HKG:1088), the largest Chinese coal miner, rose 1.8 percent. China Mobile (HKG:0941), the largest mobile operator in the world, rose 0.2 percent outperforming the rest of the sector.

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The trading floor remained closed in Shanghai in observance of the National Day Holiday. Trading will resume in October 7. If components of the Hang Seng Index (INDEXHANGSENG:.HSI)  can serve as a proxy for Chinese ADR trading, outlook is bright for China Life Insurance (NYSE:LFC). But day traders are in disadvantage as the price is expected to jump right at the open, leaving late investors handicapped.  China Mobile (NYSE:CHL) is expected to outperform the broad market along with Yanzhou Coal Mining (NYSE:YZC) and CNOOC Ltd. (NYSE:CEO).



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