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China stocks up in Asia on Feb. 16

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advance7 February 16, 2011 (Chinavestor) Chinese stocks rallied in Asia on Wednesday after the yen weakened before the earnings season. The Shanghai Composite Index (SHA:000001) advanced 25.0 points or 0.9 percent with resource and construction materials taking the lead. The Hang Seng Index (INDXHANGSENG:.HSI) surged 257.2 points or 1.1% after investors snapped up oversold airliners and insurance companies. Most large cap stocks advanced in Hong Kong as components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) testify.

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While large cap stocks took the lead in Hong Kong, the rally was less universal among small cap China stocks. Looming at components of the Guggenheim Small Cap China Fund (NYSE:HAO), stocks that advanced outnumbered those that fell three to one only. These numbers bode well for the iShares FTSE/Xinhua 25 China Index (NYSE:FXI).

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The earnings season is heating up for Chinese stocks as February is nearing a close. Chinese solar stocks have taken the lead among Chinese ADRs on Tuesday, led by SolarFun Power Holdings (NASDAQ:SOLF) . But the advance is not limited to a few solar plays only as the overbought monitor testifies.

If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxy for ADR trading, outlook is best for China Southern Airlines (NYSE:ZNH) and China Eastern Airlines (NYSE:CEA) besides China Life Insurance (NYSE:LFC) and Sinopec Corp. (NYSE:SNP).



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