April 4, 2011 (Chinavestor) Investors were buoyant in Hong Kong on Monday, a day before a Holiday on Tuesday, pushing the Hang Seng Index (INDEXHANGSENG:.HSI) to over 24,000 points for the first time in over two months. Airliners continued to reel from high oil prices but most large cap stocks advanced. H-shares of overbought energy stocks Yanzhou Coal Mining (HKG:1171) (NYSE:YZC) and Petrochina Co. Ltd. (HKG:0857) (NYSE:PTR) traded sideways. China Unicom (HKG:0762) (NYSE:CHU) and Chalco (HKG:2600) (NYSE:ACH) were among the best performing NYSE-HKEX cross listed blue chips for the day.
There was no trading on the Mainland due to a holiday. The Hong Kong Stock Exchange will be close on Tuesday for one day and will reopen on Wednesday.
Chinese ETFs are looking good ahead the opening bell on Monday. Most components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) advanced in Hong Kong as investors snapped up large caps on valuation. The rally was almost as universal among smaller caps as well; 123 out of 162 components of the Guggenheim Small Cap China ETF (NYSE:HAO) advanced in Asia.
Index futures point to a higher open on the NYSE and the NASDAQ, despite record oil prices. Sound jobs creation accompanies by GDP growth seems to pave the way for additional gains for U.S. equities. If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxy for ADR trading, outlook is best for Guangshen Rail (NYSE:GSH), China Unicom (NYSE:CHU) and Chalco (NYSE:ACH) ahead the opening bell. But airliner - China Eastern Airline (NYSE:CEA) and China Southern Airlines (NYSE:ZNH) continue to suffer.