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China stocks on hold before earnings in U.S. on Jan. 18

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bull_bear_3 January 18, 2011 (Chinavestor) China stocks traded sideways on Tuesday ahead of the U.S. open. Earnings season will kick in high gear in the U.S. sending global investors to the sidelines earlier the week. The Hang Seng Index (INDEXHANGSENG:.HSI) shed 3.0 points or 0.0% while the Shanghai Composite Index (SHA:000001) eked out a small, 2.5 points or 0.1% gain.

Aluminum Corp. of China (HKG:2600), the third largest aluminum maker, was the best performing component of the Hang Seng Index (INDXHANGANEG:.HSI) after reporting preliminary profit estimates. The company said it would return to profitability for 2010 from losses a year earlier. China Telecom (HKG:0726), the fastest growing Chinese mobile carrier, rose 4.7 percent followed closely by another NYSE cross-listed China stock, Petrochina Co. Ltd. (HKG:0857).

Airliners were mixed; China Southern Airlines (HKG:1055) fell one of the most among components of the Hang Seng Index (INDEXHANGSENG:.HSI), but China Eastern Airlines (HKG:0670) and Air China (HKG:0753) advanced 0.3percent and 1.0 percent, respectively. China Eastern Airlines (NYSE:CEA), the second largest Chinese carrier, estimated a 15 times increase in profits for 2010.

Traders were cautious in Shanghai as well. NYSE cross-listed A-shares of Aluminum Corp. of China (SHA:601600) and Sinopec (SHA:600028) were among the best performing components of the Shanghai Composite Index (SHA:000001). But oil producers fell as price of oil hit a temporary ceiling. Petrcochina Co. Ltd. (SHA:601857), China's largest oil producer, fell 1.4 percent

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Looking at components of Chinese ETF this morning, the glass is half full rather than half empty. Half of the components of large cap proxy, iShares FTSE/Xinhua China 25 Index (NYSE:FXI), advanced with Aluminum Corp. of China (HKG:2600) taking the lead. China Telecom (NYSE:CHA) is another stock that is expected to gap up right at the open. China Eastern Airlines (NYSE:CEA) is going to have a positive bias as well, if trading in Hong Kong can serve as a proxy.

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Looking at components of the Guggengeim Small Cap China Fund (NYSE:HAO), investos have some positive news to embrace. More componenets of the ETF advanced than fell in Asia this morning, suggesting small caps have a better chance to outperform the broad market. If the Hang Seng Index (INDEXHANGSENG:.HSI) or the Shanghai Composite Index (SHA:000001) can serve as proxy for ADR trading, outlook is best for Aluminum Corp. of China (NYSE:ACH) and China Telecom (NYSE:CHA) but Yanzhou Coal (NYSE:YZC), China Mobile (NYSE:CHL) and China Southern Airlines (NYSE:ZNH) will have a hard time to get off the ground.



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