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China stocks on fire in Asia, Nov. 18

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advance9 November 18, 2010 (Chinavestor) Asian investors snapped up Chinese stocks in Hong Kong and Shanghai on valuation. Ireland's proposed bail out helped the Euro to firm up, helping energy, resource and commodity plays to find support. Financials and consumer staples were snapped up on valuation. The Shanghai Composite Index (SHA:000001) bounced back 26.6 points or 0.9% while the Hang Seng Index (INDEXHANGSENG:.HSI) surged 422.9 points or 1.8%. Energy, financials, airline, auto and resource stocks led both indices higher. China's offshore oil producer, CNOOC Ltd. (HKG:0883) (NYSE:CEO) was the best performing HKEx-NYSE cross-listed blue chip among the 25 member iShares FTSE/Xinhua 25 Index ETF (NYSE:FXI). China's offshore oil producer was followed by Aluminum Corp. of China (NYSE:ACH). China Life Insurance (NYSE:LFC) rose 1.6% and China Eastern Airlines (NYSE:CEA) bounced back 6.5% in Hong Kong earlier today. But the rally was not limited to large caps, most components of the Guggenheim China Small Cap ETF (NYSE:HAO) advanced in Asia this morning as well. Besides energy and resource stocks, oversold financials bounced back strongly. China Construction Bank (HKG:0939), Industrial and Commercial Bank of China (HLG:1398), CITIC BANK (HKG:0998) and China Merchant Bank (HKG:3968) all gained over 2%.

Zijin Mining Co. (HKG:2899) (SHA:601899) was among the best components of both the Hang Seng Index (INDEXHANGSENG:.HSI) and the Shanghai Composite Index (SHA:000001). Western Mining (SHA:601168) and Jiangxi Copper (AHA:600362), China's largest copper miner, rose sharply in Shanghai. 

pre_20101118_index

Looking at components of key ETFs, most components of the iShares FTSE/Xinhua 25 Index ETF (NYSE:FXI) advanced. Zijin Mining (HKG:2899), China's largest gold miner, led large caps higher with a 6.5% advance. Aluminum Corp. of China (HKG:2600), China Coal (HKG:1898) all rose over 2% for the day.

The rally was niversal among small caps as well. Stocks that aadvanced outnumbered those that advanced 15:1 among componetns of the Guggenheim China Small Cap ETF (NYSE:HAO). For a list of the best small caps in Asia today, see chart below.

pre_20101118_etf2

Index futures point to a higher open as Ireland's bail out is strengthening the Euro, helping energy and commodity prices to firm up. If components of the iShares FTSE/Xinhua 25 Index ETF (NYSE:FXI) can serve as a proxy for ADR trading, outlook is the brightest for CNOOC Ltd. (NYSE:CEO) and Aluminum Corp. of China (NYSE:ACH). But Hang Seng Index (INDEXHANGSENG:.HSI) component China Eastern Airlines (NYSE:CEA) and China Life Insurance (NYSE:LFC) is looking almost as good on Thursday before the opening bell.  Based on the broad rtally in Asia, outlook for the Guggenheim China Small Cap ETF (NYSE:HAO) is sound.



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