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China stocks await key jobs data on Friday

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questionmark July 8, 2011 (Chinavestor) China stocks ended the first week of July on a high note after U.S. jobs report sent the Dow Jones Industrial Average (INDEXDJX:.DJI) to a broad rally on Thursday. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 196.3 points or 0.9% approaching the 23,000 level. The Shanghai Composite Index (SHA:000001) rose a mere 3.5 points or 0.1% for the day after a surprise interest rate hike earlier the week sent chills through the spine of investors on the Mainland.

Index heavy weight Petrochina Co. Ltd. (HKG:0857) surged 2.3% as price of oil approached the $99 mark. China Eastern Airlines (HKG:0670), the second largest Chinese carrier by fleet size, caught up with larger rival China Southern (HKG:1055) and rose 2.3% as well. But investors kept eyes on earnings, sending Buffet backed BYD company (HKG:1211) 2.7% lower for the day.

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Chinese ETFs rode on the back of a strong Dow Jones Industrial Average (INDEXDJX:.DJI) on Thursday. The advance was universal for small and large cap proxies. The Guggenheim China Small Cap ETF (NYSE:HAO) and the iShartes FTSE/Xinhua China 25 Index (NYSE:FXI) advanced 0.9% each, highlighting investor optimism ahead of key jobs report on Friday.

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Small cap Chinese stocks remained volatile with China Sky One (NASDAQ:CSKI) surging 23.0% for the day.



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