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China stocks on fire, May 18

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burning_cash May 18, 2011 (Chinavestor) A weak dollar combined with Japan's tsunami recovery data spurred Asian markets on Wednesday. The Shanghai Composite Index (SHA:000001) rose 20.0 points or 0.7%, outperforming the Hang Seng Index (INDEXHANGSENG:.HSI) for the day.

Zijin Mining (SHA:601899), the largest Chinese gold miner, was among stocks that fell, highlighting the fact that investors on the MainlandĀ  remain hungry for riskier assets. Stocks that advanced outnumbered those that fell ten to one among the 50 largest components of the Shanghai Composite Index (SHA:000001).

The rally was slightly less universal in Hong Kong where nine components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) fell while 33 advanced. Air China (HKG:0753), the largest Chinese airliner by market value caught up with the rest of the sector. Lower oil prices boosted airliners in the past two weeks with Air China missing out up until today.

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Large cap stocks enjoyed a universal rally, as components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) testify. All but four components of the 25 member index advanced after bulls grabbed the horns of the market. 120 components of the 162 member Guggenheim China Small Cap ETF (NYSE:HAO) advanced in Asia, suggesting the rally was broad all the way down to smaller stocks.

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