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China stocks rise in Asia, March 22

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advance2 March 22, 2011 (Chinavestor) News that Japan seems to contain the nuclear incident lifted Chinese stocks in Asia on Tuesday. The Shanghai Composite Index (SHA:000001) rose for the third day in a row, inching 10.0 points or 0.3% higher for the day. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 127.7 points or 0.8%, outperforming the Mainland index for the week.

The rally was universal in both Asian markets, highlighting the strength of the bulls. Stocks that advanced outnumbered those that fell six to one among the 50 largest components of the Shanghai Composite index (SHA:000001). Similarly, only nice components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) fell while the rest rose. The real winner might be the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) for the day for all but one component of its underlying index surged in Asia on Tuesday. China Unicom (NYSE:CHU) surged but China Telecom (NYSE:CHA) and China Mobile (NYSE:CHL) lacked momentum. Small caps are looking good as components of the Guggenheim Small Cap China ETF (NYSE:HAO) testify.

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China Eastern Airline (HKG:0670) bounced back off strongly, making it the best performing component of the Hang Seng Index (INDEXHANGSENHG:.HSI). Air China (HKG:0753), China's flagship carrier, advanced just as much, catching up with her larger rivals. Only Aluminum Corp. of China (HKG:2600), the third largest aluminum maker in the world, fell on profit taking following Monday's big rally.

Large cap stocks in Shanghai enjoyed a rally ahead of banking profits and the favorable development of the Japanese nuclear accident. Most large cap components of the Shanghai Composite Index (SHA:000001) rose despite fears of additional monetary tightening.

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If components of the Hang Seng Index (INDEXHANGSENG:.HSI)  can serve as proxy for ADR trading, outlook is best for China Eastern Airlines (NYSE:CEA) and oil companies, CNOOC LTd. (NYSE:CEO) and Petrochina Co. Ltd. (NYSE:PTR). But telecoms will be mixed as profits of China Telecom (NYSE:CHA) missed estimates, highlighting the difficulty the sector faces. China Mobile (NYSE:CHL) remained soft in Hong Kong while China Unicom (NYSE:CHU) surged.

The surge of China Unicom (NYSE:CHU) is expected to help the iShares FTSE/Xinhua China 25 Index (NYSE:FXI)for Tuesday. Rotation within the sector helped the second largest mobile carrier after reports that China mobile (NYSE:CHL) need large capital investment hurt CHL's price. China Telecom (NYSE:CHA) missed analyst estimates with a 42% profit gain this morning.



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