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Shanghai breaks through 3,000 again in October

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advance2 October 19, 2010 (Chinavestor) Shares of Chinese companies continued to advance in Asia on Tuesday with the Shanghai Composite Index (SHA:000001) breaking through the 3,000 level for the first time since April. Stocks were driven by hopes that the next five year plan, due in January 2011, will help technology and industrials. Hong Kong investors were buoyant following a strong market day in the U.S. helping the Hang Seng Index (INDEXHANGSENG:.HSI)  to advance294.3 points or 1.2 percent.

As far as HKEx-NYSE cross listed blue chips are concerned, Hong Kong listed H-shares of China Southern Airlines (NYSE:ZNH) advanced 3.4% while China Eastern Airlines (NYSE:CEA) fell 0.8%. Hang Seng Index (INDEXHANGSENG:.HSI) heavy weight Petrochina Co. (NYSE:PTR) and China Mobile (NYSE:CHL) advanced 1.6% and 1.4%, respectively. But Huaneng Power Int. (NYSE:HNP), the largest Chinese independent power producer, shed 0.6% along with the rest of the sector. Jiangxi Copper (HKG:0358), the largest producer of the metal in China, surged 5.2% in Hong Kong and was just as strong in Shanghai as investors embraced metal and mining stocks again. Western Mining (SHA:601168) and Zijin Mining (SHA:601899), the largest Chinese gold miner, made it to the top five among the 50 largest Chinese stocks listed in Shanghai. But property and construction stocks suffered along with some softness in the banking sector. Poly Real Estate (SHA:600048), the largest Shanghai listed property developer, tumbled 2.9%, the most among the 50 largest components of the Shanghai Composite Index (SHA:000001). Industrial and Commercial Bank of China (SHA:601398), the largest financial institution in the world, fell 0.9% weighting down the index.

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Index futures continue to fluctuate with a negative bias following earnings from IBM (NYSE:IBM), Apple (NASDAQ:AAPL), Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS). If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as a proxy for Chinese ADR trading on Tuesday, outlook is good for China Southern Airlines (NYSE:ZNH) and energy stocks such as Yanzhou Coal (NYSE:YZC) or Petrochina Co. Ltd. (NYSE:PTR). But Huaneng Power International (NYSE:HNP) is  going to feel a pinch.



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