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Hong Kong on fire but Shanghai lags, November 3, 2010

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advance4 November 3, 2010 (Chinavestor) China stocks in Hong Kong continued on Wednesday where they left off on Monday by surging high triple digit points. The surge is driven by U.S. election and the FOMC announcement expected to pump liquidity into the U.S. economy. The Hang Seng Index (INDEXHANGSE:MG:.HSI) advanced 473.2 points or 2.0% clearing 1,000 points for the week. The rally was universal, stocks that advanced outnumbered those that fell six to one. This bodes well for large cap NYSE-HKEx cross-listed blue chips like Sinopec (HKG:0386) or Petrochina (HKG:0857), stocks that advanced 3.6% and 3.4%, respectively. Another high flyer was China Eastern Airline (HKG:0670) after a 2.8% hike, albeit larger rival China Southern Airlines (HKG:1055) traded sideways. China Life Insurance (HKG:2628) rose 1.7%.
Investors on the Mainland took profits while embracing financial stocks. The Shanghai Composite Index (SHA:000001) fell 14.4 points or 0.5%  as resource and mining companies succumbed to profit taking. Jinduicheng Molybdenum (SHA:601958), a stock that advanced the maximum allowed 10% daily limit three times in a row, fell the most among the 50 largest Shanghai listed stocks. Aluminum Corp. of China (SHA:601600), the third largest aluminum producer, fell 6.8% in Shanghai and 0.4% in Hong Kong. Western Mining (SHA:601168) and Jiangxi Copper (SHA:600362) fell along the sector. But finance stocks were on fire as news about the property market tightening came to light. Chinese banks can give second mortgages now but are required to collect 50% down payment. The measure elevated fears that more reserve building might be required. ICBC (SHA:601398), the largest financial institution in the world, surged 3.4% while smaller banks followed.
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Investors are embracing the market after mid-term election and the FED decision. If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as a proxy for China ADR trading, outlook is bright for energy stocks like Sinopec (NYSE:SNP) or Petrochina co. Ltd. (NYSE:PTR), but Aluminum Corp. og China (NYSE:ACH) is in trouble. China Life Insurance (NYSE:LFC) and China Eastern Airlines (NYSE:CEA) will start trading on the NYSE with a positive bias.


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