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China stocks mixed in Asia, Dec. 9

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buy-sell December 9, 2010 (Chinavestor) Without much economic news for the day, China stock indices traded sideways on Thursday. The Hang Seng Index (INDEXHANGSENGl:.HSI) rose 79.3 points or 0.3% while the Shanghai Composite Index (SHA:000001) fell 37.6 or 1.3%.

Petrochina Co. Ltd. (NYSE:PTR) (HKG:0857) and CNOOC Ltd. (NYSE:CEO) (HKG:0883) led energy stock higher as price of oil approached $90/barrel. China Unicom (HKG:0762) (NYSE:CHU) was the second best performing component of the Hang Seng Index (INDEXHANGSENG:.HSI). But Chinese airliners continued to suffer; H-shares of China Southern Airlines (NYSE:ZNH)(HKG:1055) and China Eastern Airlines (NYSE:CEA)(HKG:0670) fell 4.9% and 4.1%, respectively. Air China (HKG:0753), China's flagship carrier, tumbled 6.1%.

Railway stocks advanced the most among the largest components of the Shanghai Composite Index (SHA:000001). China South Locomotive (SHA:601766), Guangshen Rail (SHA:601333) (NYSE:GHSH) and China Railway (SHA:601390) all beat the market on Thursday. But real estate and SAIC Motor (SHA:600104), China's largest car maker, fell.

pre_2010129

Looking at components of key China ETFs in Asia before the opening bell, the picture is the same: airliners fell hard but oil major Petrochina Co. Ltd. (NYSE:PTR) and offshore oil specialist CNOOC Ltd. (NYSE:CEO) rose along China Unicom (NYSE:CHU), China's second largest mobile carrier.

pre_2010129_etf

Index futures point to a higher open as the extension on tax breaks set a positive tone for the market. China's largest oil producer, Petrochina Co.  Ltd. (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO) are expected to outperform. But China Southern Airline (NYSE:ZNH) and China Eastern Airline (NYSE:CEA) are set to decline, if components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxy for ADR trading.



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