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Strong manufacturing sets China stocks on fire November 1st

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burning_cash November 1, 2010 (Chinavestor) Shares of Chinese companies surged in Asia the first day in November buoyed by strong manufacturing and high energy prices. The Shanghai Composite Index (SHA:000001) surged 75.2 points or 2.5% while the Hang Seng Index (INDEXHANGSENG:.HSI) advanced 556.6 points or 2.4%.  News that set Chinese stocks on fire came from the manufacturing sector combined with corporate earnings from China Shenhua Energy (HKG:1088), China's largest coal miner, and China Construction Bank (SHA:601939). The Chinese Logistics Federation said that purchasing manufacturing index rose to 54.7 in September from 53.4 a month before suggesting the economy expansion is accelerating. Some now expect China to reach 10% GDP growth for 2010 despite a recent rate hike in four years.

 

China Shenhua Energy (HKG:1088), the largest Chinese coal miner, rose 4.2% in Hong Kong after reporting a 12% net growth for the quarter. Forecasts for a cold winter gave lift to the rest of the sector; Yanzhou Coal (HKG:1171) (NYSE:YZC), a HKEx-NYSE cross listed coal miner surged 6.3%, the most among 42 components of the Hang Seng index (INDEXHANGSENG:.HSI). Commodity and mining stocks rose all over the board; Zijin Mining (HKG:2899), the largest Chinese gold miner, gained +4.1% while Aluminum Corp. of china (HKG:2600) (NYSE:ACH) advanced 2.9%. Rising oil prices and a 60% production increase shoot CNOOC Ltd. (HKG:0883) (NYSE:CEO) up + 3.7% while China Life Insurance (NYSE:LFC) (HKG:2628), the largest Chinese insurer, surged +3.1%. Sinopec (HKG:0386), Asia's largest refiner, advanced +2.5% in Hong Kong as the rally spread. But the telecom sector missed out as luckluster growth dismayed investors. China Telecom (HKG:0728) (NYSE:CHA) was off -0.2% while China Mobile (HKG:0941) (NYSE:CHL) rose a mere 0.4%. China Unicom (HKG:0726) (NYSE:CHU) was one of those Hang Seng Index (INDEXHANGSENG:.HSI) components that actually fell for the day.

 

Optimism was not limited to Hong Kong as the Shanghai Composite index (SHA:000001) surged 2.5% to 3,054.02, its highest since April. Mining, commodity, energy and financials took the lead as investor optimism returned after four days of straight losses last week. Jinduicheng Molybdenum (SHA:601958), the largest producer of the metal, was the best performing component of the Shanghai Composite Index (SHA:000001) thanks to a 10% surge. Western mining (SHA:601168) and Zijin mining (SHA:601899) followed closely while China Coal energy (SHA:601898), the second largest coal miner, rose 6.0%.

pre_2010111

If components of the Hang Seng index (INDEXHANGSENG:.HSI) and the Shanghai Composite Index (SHA:000001) can serve as a proxy for China ADR trading, outlook is the brightest for Yanzhou Coal Mining (NYSE:YZC) and U.S. investors should expect a more than sound performance for Aluminum Corp. of China (NYSE:ACH), China Life Insurance (NYSE:LFC) and CNOOC Ltd. (NYSE:CEO).



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