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China stocks start August on a high note

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advance6 August 1, 2011 (Chinavestor) China stocks advanced in Asia on Monday as compromise on debt talks continued in the U.S. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 223.1 points or 1.0% with most of its components ending the day in the black. The Shanghai Composite Index (SHA:000001) edged 2.1 points or 0.1% higher for the day. Index futures point to a higher opening as Congress reached a compromise over the weekend. This will give the DJIA a much needed break after a five day loosing streak.

China Life Insurance (HKG:2628)(NYSE:LFC) and Petrochina Co. Ltd. (HKG:0857)(NYSE:PTR) were among the best performing components of the Hang Seng Index (INDEXHANGSENG:.HSI) on Monday. Stocks that advanced outnumbered those that fell four to one among 42 components of the index.

The advance was less universal in Shanghai where investors continued to keep an eye on inflation and growth prospects. The Shanghai Composite Index (SHA:000001) was mixed giving no indication where the market is heading from here.

pre_201181

Chinese ETFs traded sideways on Friday but are looking much better before the opening bell on Monday. All but one component of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) rose boding well for the most liquid Chinese ETF. On the corporate front, Sohu.com Inc. (NASDAQ:SOHU) and its former online game arm, Changyou.com, Inc. (NASDAQ:CYOU) reported before the opening bell and are trading lower. Ctrip.com Inc. (NASDAQ:CTRP) is going to report later today.



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