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China stocks surge in Shanghai but slide in HK

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buy_sell_2 August 11, 2011 (Chinavestor) China stocks were mixed in Asia following a 500 plus points dive of the DJIA (INDEXDJX:.DJI) on Wednesday. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 188.8 points or 1.0% but the Shanghai Composite Index (SHA:000001) surged 32.3 points or 1.3%. All but three among the largest components of the Shanghai Composite index (SHA:000001) advanced on the Mainland, giving an indication of the strength of the rally.

Investors knew in Hong Kong that Thursday would be a difficult day after the best performing component of the DJIA (INDEXDJX:.DJI) fell 1.8% on Wednesday. That day marked the second day in just one week when each and every component of the Dow Jones Industrial Average (INDEXDJX:.DJI) ended the day in the red. The Hang Seng Index (INDEXHANGSENG:.HSI) followed U.S. market lower, as expected, shedding 1.0%. But airliners saved the day as investors bought them on lower fuel prices. All three airliner components of the Hang Seng Index (INDEXHANGSENG:.HSI) surged. But iron, steel and aluminum stocks fell as demand for construction materials is expected to soften.

While stocks in the U.S. and Hong Kong fell, a broad rally sent the Shanghai Composite Index (SHA:000001) 32.3 points or 1.3% higher on Thursday. Stocks that advanced outnumbered those that fell fifteen to one among the 50 largest components of the index. The bullish sentiment was driven by fundamentals as earnings continue to roll in.

pre_2011811

Chinese ETFs fell hard along with broad U.S. benchmarks on Wedesday. The iShares/FTSE Xinhua China 25 Index (NYSE:FXI), the most liquid Chinese ETF, surrendered 5.1% while the Guggenheim China Small Cap ETF (NYSE:HAO) slid 3.4%.

If components of the Hang Seng Index (INDEXHANGSENG:.HSI) were proxy for ADR trading, outlook is best for China Southern Airlines (NYSE:ZNH) and China Eastern Airlines (NYSE:CEA). Strong showing of H-shares of China Mobile (NYSE:CHL) and China Telecom (NYSE:CHA) are also encouraging.

Earnings continue to move China stocks in the U.S. Xinyuan Real Estate (NYSE:XIN) was among the best China stocks on Wednesday after reporting better than expected quarterly financials.



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