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China stocks extend rally on Jan. 12

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advance7 January 12, 2011 (Chinavestor) Shares of Chinese companies rose in Asia on Wednesday after investors gained confidence globally as Portugal's credit problems eased. The Hang Seng Index (INDEXHANGSENG:.HSI) surged 365.3 points or 1.5% while the Shanghai Composite Index (SHA:000001) advanced 15.6 points or 0.6%. The rally was universal in both places. Stocks that advanced outnumbered those that fell six to one among the 42 members of Hong Kong's main gauge and five to one among the 50 largest components of the Shanghai Composite.This bodes well for large cap Chinese ETF, the iShares FTSE/Xinhua China 25 Index (NYSE:FXI).

China Telecom (HKG:0728) (NYSE:CHA) and Sinopec Shanghai Petrochemical (HKG:0338)(NYSE:SHI) were among the best NYSE-HKEX cross listed blue chips for the day. China Telecom (NYSE:CHA) is seen as a winner of the latest trends when customers switch from 2G to 3G in China.

Poly Real Estate (SHA:600048), the largest Shanghai listed property developer, advanced 2.5% and is up 20% YTD as investors snapped up oversold real estate stocks. Insurers broke a loosing streak in Shanghai with China Pacific Insurance (SHA:601601) taking the lead for the day. China Life Insurance (SHA:601628), the largest Chinese life insurer, rose 1.4%.

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The rally was universal among large cap stocks in Hong Kong as components of key Chinese ETFs testify. All but one component of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) rose in Hong Kong earlier the day. China Telecom (NYSE:CHA) and Sinopec Corp. (NYSE:SNP) were among the best performing components of the index thanks to a 4.9% and 2.1% advance, respectively. Small cap proxy Guggenheim China Small Cap ETF (NYSE:HAO) lagged behind the FXI on Tuesday but is expected to do well on Wednesday, based on trading in Asia earlier the day. Stocks that advanced outnumbered those that fell three to one among the 162 vcomponents of the ETF.

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If components of the Shanghai Composite Index (SHA:000001) can serve as proxy for ADR trading, outlook is brightest for China Life Insurance (NYSE:LFC) among NYSE listed Chinese stocks for Wednesday. If the Hang Seng Index (INDEXHANGSENG:.HSI) was a proxy, China Telecom (NYSE:CHA) and Sinopec China Petrochemical (NYSE:SNP) is positioned the best but Sinopec (NYSE:SNP), Asia's largest refiner, is looking good ahead the opening bell as well.



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