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Late rally sends HK shares higher

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Asia_2 June 13, 2011 (Chinavestor) The Hang Seng Index (INDEXHANGSENG:.HSI) broke a six day losing streak thanks to an afternoon rally on Monday. The index eked out a small, 0.4 percent gain by the end of the day after value investors stepped up to the plate. But even a late rally was not enough to save the Shanghai Composite Index (SHA:000001) from closing lower for the day. Chinese stocks tumbled in early morning trade after latest money supply data suggested lending took a hit in China. With low money supply and loan numbers for May, evidence is on the rise that the world's second largest economy is cooling off.

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Large and small cap Chinese stocks took a hit, alike. Most components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) fell in Asia Monday morning just like components of the Guggenheim China Small Cap ETF (NYSE:HAO) did.

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