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China stocks end May on a high note

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advance7 May 31, 2011 (Chinavestor) China stocks advanced in both key Asian markets with the Shanghai Composite Index (SHA:000001) breaking an 8 day loosing streak. The Hang Seng Index (INDEXHANGSENG:.HSI) surged 499.8 points or 2.1% as investors await key U.S. economic data on home prices and consumer confidence. Most components if the Xinhua 25 China Index advanced, boding well for the most liquid Chinese ETF the iShares FTSE/Xinhua 25 China Index (NYSE:FXI).

The rally was not only significant because it broke a long loosing streak but it was very broad as well. Forty nine out of the fifty largest components of the Shanghai Composite Index (SHA:000001) advanced, signalling that buying is back. Lack of momentum from large cap Industrial and Commercial Bank of China (SHA:601398) and Petrochina Co. Ltd. (SHA:601857), the two largest components of the Shanghai Composite Index (SHA:000001), kept the index at bay.

Coal stocks pulled the Hang Seng Index (INDEXHANGSENG:.HSI)  higher for the day. Yanzhou Coal Mining (HKG:1171) and China Shenhua Energy (HKG:1088), latter the largest coal miner in China, surged the most among components of the 42 member index but airliners suffered. Investors bet on a market recovery and higher energy prices, spurring energy stocks but hurting airliners.

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Chinese ETFs had a sound day last Friday in the U.S., a trend that is about to continue on Tuesday. All but two components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) advanced in Asia this morning, pointing to a higher open for the most liquid Chinese ETF. Small caps are looking good as well, if Asia can serve as a proxy. Stocks that advanced outnumbered those that advanced six to one among components of the Guggenheim Small Cap China ETF (NYSE:HAO) in Asia on Tuesday.

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