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China stocks snap back in Asia

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advance9 August 10, 2011 (Chinavestor)China stocks snapped back in Asia on Wednesday after a broad rally on Wall Street helped improve investor confidence. The Hang Seng Index (INDEXHANGSENG:.HSI) surged 453.0 points or 2.3% with most of its components ending the day in the black. The index fell over 1150 points or 6% a day before, its biggest lost since 2008. Investors remained cautious on the Mainland where the Shanghai Composite Index (SHA:000001) rose a mere 23.1 points or 0.9%. Airliners and stocks that fell the hardest surged in Hong Kong on Wednesday. China Southern Airlines (HKG:1055), the largest carrier by fleet size, jumped 5.2% while CNOOC Ltd. (HKG:0883), China's offshore oil specialist surged 6.0%. Aluminum Corp. of China (HKG:2600) advanced 3.8% making up for some of the losses it suffered in the past five days. China Mobile (HKG:0941) and Zijin Mining (HKG:2899) were among the best performing components of the Hang Seng Index (INDEXHANGSENG:.HSI). Price of gold rose to a record as investors are looking for safety during turbulent market times. But China Shipping Development (HKG:1138) and China COSCO (HKG:1919), the two largest listed Chinese shipping lanes, were the weakest links among components of the Hang Seng Index (INDEXHANGSENG:.HSI) due to lackluster growth in the world's largest economy.

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Chinese ETFs rode on the back of a resurgent U.S. market on Tuesday. The PowerShares Golden Dragon Haltrer Index (NYSE:PGJ) surged along with the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) and the Guggenheim China Small Cap ETF (NYSE:HAO). Oversold Chinese solar makers surged such as LDK Solar (NYSE:LDK) or China Sunergy (NASDAQ:CSUN). Xinyuan Real Estate (NYSE:XIN) jumped over 15% following sound second quarter results. But recently IPOd Youku.com Inc. (NYSE:YOKU) fell 14.3% following worse than expected second quarter results.



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