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China stocks recover after DJIA snaps back

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advance7 August 12, 2011 (Chinavestor) Thursday was a market day investors wanted. Each and every component of the Dow Jones Industrial Average (INDEXDJX:.DJI) advanced, a complete opposite of a day before. Cisco Systems (NASDAQ:CSCO) led tech stocks higher surging 16.0% for the day. Chinese ETFs and ADRs followed suit with internet and real estate stocks taking the lead. The iShares FTSE/Xinhua China 25 Index (NYSE:FXI) advanced 3.1% while small cap proxy Guggenheim China Small Cap ETF (NYSE:HAO) surged 5.1% on the same time. China Housing & Land Development (NASDAQ:CHLN) surged 47.3% on high volume before earnings. Xinyuan Real Estate (NYSE:XIN) reported way better than expected earnings, setting the rest of the sector on fire.

Chinese equity markets ended the second week of August on a high note thanks to a resurgent DJIA on Thursday.The Shanghai Composite Index (SHA:000001) rose 11.7 points or 0.4% on Friday, trimming losses for the week to 1.2%. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 24.9 points or 0.1% on Friday and is off 6.3% for the week! Investors in Hong Kong keep a close eye on developments in the U.S. because interest rates and the value of the Hong Kong dollar is pegged to their U.S. counterparts. Oversold transportation shares snapped back, pulling the Hang Seng Index (INDEXHANGSENG:.HSI) higher for the day. Beijing Capital Int. Airport (HKG:0694) surged 8.7% trimming losses to 2.5% for the week. China Shipping Development (HKG:1138) jumped 7.1% as well. China Life Insurance (HKG:2628) (NYSE:LFC) rose 3.5% on Friday after suffering heavy losses earlier the week. China Southern Airlines (HKG:1055) and China Eastern Airlines (HKG:0670) were among the best components of the Hang Seng Index (INDEXHANGSENG:.HSI) thanks to lower oil prices. But resource stocks continued to suffer as demand for exports and construction materials may soften due to global economic slowdown. Aluminum Corp. of China (HKG:2600) fell 2.5% and is off just shy of 10% for the week. Transportation and industrial stocks did well among components of the Shanghai Composite Index (SHA:000001) as well. China COSCO (SHA:601919), one of the largest shipping lanes in the world, rose 3.0% while China South Locomotive & Rolling Stock (SHA:601766) advanced 2.5%. Shanghai Zhenhua Heavy Industry (SHA:600320) was the best large cap component of the Shanghai Composite Index (SHA:000001). But appetite for gold subdued as equity markets calmed down, pushing shares of Zijin Mining (SHA:601899) lower for the day.

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Risk appetite was back for Chinese stocks listed in the U.S. on Thursday. Oversold small cap, high risk stocks surged like Agria Corp. (NYSE:GRO) and eLong Inc. (NASDAQ:LONG). AsiaInfo Linkage (NASDAQ:ASIA) surged 23.7% along with ReneSola Ltd. (NYSE:SOL) and China Housing & Land Development (NASDAQ:CHLN).

Earnings continued to play a central role for Chinese stocks. Xinyuan Real Estate Co. (NYSE:XIN) continued to advance but SMIC (NYSE:SMI) failed to gain much ground after slipping to a net loss and issuing a negative Q3 outlook. Youku.com Inc. (NYSE:YOKU) jumped 17% as investors gave the company a second look after releasing earnings earlier the week.

Outlook for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) is mixed for the Hang Seng Index (INDEXHANGSENG:.HSI) missed direction on Friday. China Life Insurance (HKG:2628) was the best component of the underling index for the ETF, boding well for its ADR, NYSE:LFC. Chinese airliners are looking good ahead the opening bell as well. China Southern Airlines (NYSE:ZNH) and China Eastern Airlines (NYSE:CEA) are expected to end the week on a high note while Aluminum Corp. of China (NYSE:ACH) is expected to gap down at the opening bell.



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