October 7, 2010 (Chinavestor) The Hang Seng Index (INDEXHANGSENG:.HSI) was trading in a narrow range as mixed signals from the world largest economy continue to tarnish market sentiment. Jobless claims and same store sales data is to be released on Thursday with more data coming on Friday; wholesale and employment reports. The Hang Seng Index (INDEXHANGSENG:.HSI) ended the day 3.9 points or 0.0 percent higher at 22,884.32. Shanghai remained closed in observance of the National Day Holiday.
Looking at individual stocks, Xinxin Mining (HKG:3833) continued to lead components of the Hang Seng Index (INDEXHANGSENG:.HSI) higher. Scramble to secure rare earth deposits is suspected behind the rally. NYSE-HKEx cross listed Huaneng Power Int. (HKG:0902) (NYSE:HNP), the largest Chinese independent power producer, rose 1.3 percent as investors expect a tariff hike later in October.
Index futures point to a narrow open for the day as investors trim risk before earnings and jobs data. If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as a proxy for ADR trading, outlook is good for Huaneng Power International (NYSE:HNP) but large cap China Mobile (NYSE:CHL) and Petrochina Co. Ltd. (NYSE:PTR) are expected to follow overall market sentiment. China Unicom (NYSE:CHU) and China Southern Airlines (NYSE:ZNH) are in trouble ahead the bell on Thursday.