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Bulls in driver seat in Asia, October 14

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advance7 October 14, 2010 (Chinavestor) The Shanghai Composite Index (SHA:000001) rose 18.3 points or 0.6 percent on Thursday, marking its seventh advance in a row. The index is up 22.3 percent up since its June lows, entering officially into a bull market. Large cap stocks led the advance, ICBC (SHA:601398), the largest financial institution in the world, and Petrchina Co. Ltd. (NYSE:PTR) (SHA:601857) rose 3.5 percent and 2.9 percent, respectively. But the mainland index was a laggard compared to the Hang Seng Index (INDEXHANGSENG:.HSI) of Hong Kong. The gauge surged 394.5 points or 1.7 percent as investors digested the positive news from the FED and BoJ. Both major central banks are poised to monetary easing, helping drive investor sentiment higher.

Looking at NYSE-HKEx cross listed blue chips, CNOOC Ltd. (NYSE:CEO) (HKG:0883), China's offshore oil specialist, was the best performing stock among components of the Hang Seng Index (INDEXHANGSENG:.HSI).  Hong Kong listed H-shares of Yanzhou Coal (NYSE:YZC), China Mobile (NYSE:CHL) and China Life Insurance (NYSE:LFC) rose 1.8%, 1.7% and 1.6%, respectively. But profit taking took a toll on Chinese airliners; China Southern Airlines (NYSE:ZNH) fell 3.5 percent after a double digit gain a day before. China Eastern Airlines (NYSE:CEA) fell 2.4 percent while Air China (HKG:0753) gave back 0.9% for the day. 

Resource, mining and financial stocks led the rally in Shanghai. Expectations run high that a weak dollar will translate to high commodity prices, boosting shares of the mining sector. Jinduicheng Molybdenum (SHA:601958), he largest Chinese producer of the metal, surged 10% to the daily limit. Zijin Mining Co. (SHA:601899), the largest Chinese gold miner, rose 8.3% as gold futures peak. Jiangxi Copper (SHA:600362), the largest Chinese copper producer, advanced 5.2% while Aluminum Corp. of China (SHA:601600) rose 2.2%. Expectations that a long bull market is about to begin helped push securities firms higher. Citic Securities (SHA:600030) and Haitong Securities (SHA:600837) made it to the best five stocks among the 50 largest components of the Shanghai Composite Index (SHA:000001).

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Index futures point to a higher open ahead of economic and corporate news. Unemployment, jobless claims and inflation data are on the menu for today with Ben Bernanke, FED Chairman, spelling out policies later today. Investors are buoyant and expect more of the easing, assuming the FED will pump dollars into the ailing U.S. economy.

If components of the Hang Seng Index (INDEXHANGSENG:.HSI)  can serve as a proxy for Chinese ADR, outlook is bright for CNOOC Ltd. (NYSE:CEO) and Yanzhou Coal (NYSE:YZC) from the energy sector. China Mobile (NYSE:CHL) is looking the best among telcos and China Life Insurance (NYSE:LFC) is good on outlook.



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