March 16, 2011 (Chinavestor) Shares of Chinese companies surged on the Mainland sending the Shanghai Composite Index (SHA:000001) 34.8 points or 1.2% higher on Wednesday. But investors in Hong Kong took clues from global sentiment, sending the Hang Seng Index (INDEXHANGSENG:.HSI) sideways for most of the day. The rally was universal among large caps on the Mainland. Stocks that advanced outnumbered those that fell twenty five to one among the 50 largest components of the Shanghai Composite Index (SHA:000001). But Hong Kong investors continued to monitor the Japanese situation carefully avoiding any significant buying.
Aluminum Corp. of China (SHA:601600) (HKG:2600), China's largest aluminum maker, surged 10% in Shanghai and was among the best performing components of the Hang Seng Index (INDEXHANGSENG:.HSI) in Hong Kong as aluminum prices soared on the Japanese incident. But China Mobile (NYSE:CHL), the largest Chinese mobile operator, fell the most among 42 members of the Hang Seng Index (INDEXHANGSENG:.HSI) after reporting a need for a significant capital expenditure increase in 2011.
Chinese solar stocks rallied in the U.S. on Tuesday as alternative energy stocks enjoyed interest after the Japanese nuclear fallout. But the rest of the China ADR universe fell along with the market.