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China stocks advance in Asia, Dec. 7

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advance8 December 7, 2010 (Chinavestor) The DJIA may have faltered on Monday but Chinese investors shrugged it off in Asia on Tuesday, sending both key Asian indices higher for the day. The Shanghai Composite Index (SHA:000001) rose 18.7 points or 0.6% while the Hang Seng Index (INDEXHANGSENG:.HSI) advanced 190.5 points or 0.8%. The rally was broad in the Mainland; stocks that advanced outnumbered those that fell eight to one in Shanghai.

Investors were buoyed by more talk about possible interest rate talks, realizing that most of the bad news have already been incorporated into stock prices. Energy, commodity and resource plays led the rally but financials felt the pinch. Industrial and Commercial Bank of China (SHA:601398), the largest financial institution in the world, was among the worst five performing stocks of the 50 largest components of the Shanghai Composite Index (SHA:000001).

China Unicom (HKG:0762)(NYSE:CHU), the second largest Chinese mobile carrier, was the best among NYSE-HKEX cross listed blue chips with a 2.9% advance. But investors of Aluminum Corp. of China (NYSE:ACH) (HKG:2600), Petrochina Co. Ltd. (HKG:0857)(NYS:EPTR) and Yanzhou Coal (NYSE:YZC) (HKG:1171)  had a reason to cheer as well as all of these energy and resource plays did well thanks to high oil and commodity prices.

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If components of the Hang Seng Index (INDEXHANGSENG:.HSI) and the Shanghai Composite Index (SHA:000001) can serve as proxy ahead of ADR trading on Tuesday, outlook is good for Petrochina Co. Ltd. (NYSE:PTR), Yanzhou Coal (NYSE:YZC) and solar plays like Suntech Power (NYSE:STP) or JA Solar Holdings (NASDAQ:JASO) from the energy sector. In addition to this, resource companies like Aluminum Corp. of China (NYSE:ACH) is well positioned ahead the bell on Tuesday.



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