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China stock looking to U.S. for clues in Asia

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Asia_2 August 22, 2011 (Chinavestor) China stocks were mixed on Monday leaving a highly volatile week behind. The Hang Seng Index (INDEXHANGSENG:.HSI) made a swift comeback in the last hour of trading, rising 86.9 points or 0.4% by the end of the day. But investors were not as optimistic on the Mainland sending the Shanghai Composite Index (SHA:000001) 18.5 points or 0.7% lower for the day. Hong Kong investors turned bullish on hopes that FED Chairman Ben Bernanke will spell out additional support during this week from Wyoming. European stocks rose in the early hours of trading, boding well for the Hang Seng Index (INDEXHANGSENG:.HSI).

Large cap, index heavy weight China Mobile (HKG:0941), Petrochina (HKG:0857), China Life Insurance (HKG:2628) and HSBC Holdings (HKG:0005) pulled the index back to the black. But most components of the index fell, highlighting that the rally was far from universal.

Most components of the Shanghai Composite Index (SHA:000001) fell as well as investors fear additional monetary tightening and effects of a global economic slowdown. As a result, resource, metal and industrial stocks led the decline in Shanghai. Jinduicheng Molybdenum (SHA:601958) and Jiangxi Copper (SHA:600362) fell the most among the largest components of the Shanghai Composite Index (SHA:000001) while China South Locomotive & Rolling Stock (SHA:601766) andĀ  Kweichow Moutai (SHA:600519) fell 2.0 and 2.7%, respectively.

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Chinese ETFs fell hard last Friday along negative market lines. The iShares FTSE/Xinhua China 25 Index (NYSE:FXI) fell 1.5% and the Guggenheim China Small Cap ETF (NYSE:HAO) shed 1.4%.

Large cap China Mobile (HLG:0941)(NYSE:CHL), Petrochina (HKG:0857)(NYSE:PTR) and Sinopec (HKG:0386)(NYSE:SNP) were among the best components of the Xinhua 25 China Index in Asia this morning. China's largest mobile carrier has been outperforming smaller rival for the past month after reporting robust 3G growth. ChineseĀ  energy companies rose following the rise of the crude on Monday and a heavy sell-off last week which created a perfect combination for value investors in the sector.

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LDK Solar (NYSE:LDK) fell the most among major Chinese ADRs last Friday following a significantly lowered revenue guidance. The company will reprort on August 29, a week from today before the opening bell. Suntech Power (NYSE:STP) fell along industry lines.

If trading in Asia was an indication for Chinese ADR trading, outlook is best for China Mobile (NYSE:CHCL), Petrochina (NYSE:PTR), Sinopec (NYSE:SNP) and China Life Insurance (NYSE:LFC). But Yanzhou Coal Mining (NYSE:YZC), China Unicom (NYSE:CCHU) and Chinese airliners are starting the week with a negative bias.



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