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China stocks mixed in Asia on Oct. 20

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bear_bull October 20, 2010 (Chinavestor) Chinese stock investors turned cautious in Asia on Wednesday following the first rate hike since 2007 in China. Investor sentiment in the U.S. turned sour on Tuesday on mortgage woes. The Hang Seng Index (INDEXHANGSENG:.HSI) tumbled 207.2 points or 0.9% while the Shanghai Composite Index (SHA:000001) managed to eke out a small 2.1 points or 0.1% gain.

Hong Kong listed H-shares of China Life Insurance (NYSE:LFC) (HKG:2628) surged 3.2%, making it the best component of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI).  Guangshen Rail (NYSE:GSH) (HKG:0525), another NYSE-HKEx cross listed blue chip, rose 0.7%. Iron, construction and energy stocks fell; Huaneng Power International (HKG:0902) (NYSE:HNP), China's largest independent power producer, fell 3.7% followed closely by Aluminum Corp. of China (NYSE:ACH) (HKG:2600). A rate hike in October is already incorporated in the price of power generators, investors argue, seeing no reason for more upside. Metal and construction stocks fell in both Hong Kong and Shanghai as investors worry about further curbs hurting the sector. Oil giants Petrochina Co. Ltd. (HKG:0857) (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO) (HKG:0883) fell 2.6% and 2.5%, respectively as price of the crude fell back to $80/barrel. China Southern Airlines (HKG:1055) (NYSE:ZNH) peaked a day before despite reporting a 15 times increase in earnings for the third quarter. China Mobile (NYSE:CHL) (HKG:0941), the largest mobile carrier in the world, shed 1.4% after reporting dismal net income growth.

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Index futures point to a higher open as investors wait for the release of the Federal Reserve's Beige Book later today. Should market sentiment turn bullish, outlook is good for ADRS of the following Chinese Hang Seng Index (INDEXHANGSENG:.HSI) components: China Life Insurance (NYSE:LFC) and Guangshen Rail (NYSE:GSH). China Mobile (NYSE:CHL) and China Southern Airlines (NYSE:ZNH) are most likely to fall on Wednesday along with Aluminum Corp. of China (NYSE:ACH). But energy stocks may escape a broad sell-off, including CNOOC Ltd. (NYSE:CEO) and Petrochina Co. Ltd. (NYSE:PTR).



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