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China stocks soar in Asia, June 24

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advance_12 June 24, 2011 (Chinavestor) Chinese stocks soared in Asia on the last day of the week. The Shanghai Composite Index (SHA:000001) surged  58.0 points or 2.1% while the Hang Seng Index (INDEXHANGSENG:.HSI) jumped 412.8 points or 1.9%. The advance was universal in both markets; all but one among the 50 largest components of the Shanghai Composite Index (SHA:000001) rose while stocks that advanced outnumbered those that fell ten to one among components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI).

Oversold Chinese airliners surged on low fuel prices and on market sentiment in Hong Kong. Air China (HKG:0753), China's flagship carrier, surged 7.8% followed closely by China Southern Airlines (HKG:1055) and China Eastern Airlines (HKG:0670). All three airliners were among the best five components of the Hang Seng Index (INDEXHANGSAENG:.HSI)  for the day.

Investors in Shanghai remained bullish after a similar surge a day before. Almost all large cap stocks advanced for the second day except for Kweichow Moutai (SHA:600519), a liquor maker.

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Underlying indices for Chinese ETFs surged in Asia on Friday. All but two components of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) advanced early morning in Asia, boding well for the most liquid Chinese ETF. The advance was universal among small caps as well; only ten components of the 156 member Guggenheim China Small Cap ETF (NYSE:HAO) fell the rest advanced.

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