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Economic data, earnings move China stocks in Asia

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Asia_2 May 13, 2011 (Chinavestor) Stronger oil prices and Germany's better than expected economic growth helped lift Chinese shares in Asia in the afternoon session on Friday. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 202.5 points or 0.9% on Friday, eking out a small gain for the week. The Shanghai Composite Index (SHA:000001) surged 27.8 points or 1.0% in the afternoon session sending the index 8 points or 0.3% higher for the week. This bodes well for the most liquid Chinese ETF, the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) ahead the opening bell. Weak quarterly report from Sina Corp. (NASDAQ:SINA)  hurt the rest of the internet sector, Sohu.com (NASDAQ:SOHU) and Youku.com Inc. (NYSE:YOKU) in particular. The advance was universal on the Mainland where all but 4 of the 50 largest components of the Shanghai Composite Index (SHA:000001) advanced on Friday. Resource and energy stocks led the rally as investors snapped up oversold stocks.

 

Most components of the Hang Seng Index (INDEXHANGSENG:.HSI) rose in Hong Kong as investors digested latest round of economic data. China Southern Airlines (HKG:1055) jumped 4.8% as price of oil fell from $120/barrel two weeks ago. China Eastern Airlines (HKG:0670), the second largest carrier by fleet size, advanced 2.25%. Datang Power (HKG:0991) and Tsingtao Beer (HKG:0168) were among the best components of the index, a complete opposite of trading a day ago. Investors snapped up value stocks after a heavy sell-off earlier the week.

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Twenty one stocks advanced out of twenty five components of the Xinhua 25 China Index, the underlying index of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI). Oversold Datang Power (HKG:0991) surged 3.4% followed by resource and energy stocks. Aluminum Corp. of China (HKG:2600) (NYSE:ACH), the third largest aluminum maker in the world, advanced 2.5% while China Shenhua Energy (HKG:1088), the most valuable coal miner in the world, rose 2.0%. But gold miner Zijin Mining (HKG:2899) tumbled 1.2% as appetite for risk increased.

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Earninig of internet giant Sina Corp. (NASDAQ:SINA) moved the rest of the sector. China's second most visited website reported slower growth and guided lower, sending its shares sliding 5.6% for the day. Sohu.com Inc. (NASDAQ:SOHU), Youku.com (NYSE:YOKU) felt the pinch, loosing 8.0% and 9.5%, respectively.

Youku.com Inc. (NYSE:YOKU) reported earnings May 5th after the close. While initial response was positive, the stock ended up sliding four days in a row following earnings announcement.



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