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Bottom fishing lifts China stocks in Asia

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bottom_fishing_1 August 23, 2011 (Chinavestor) Investors had enough of bloom and gloom and sent China stocks higher in Asia on Tuesday. Corporate earnings are strong value investors argued. The Shanghai Composite Index (SHA:000001) advanced 38.2 points or 1.5% in a broad rally. All but one of the 50 largest components of the index rose. The Hang Seng Index (INDEXHANGSENG:.HSI) steadily advanced throughout the trading day, closing 388.7 points or 2.0% higher. Stocks that advanced outnumbered those that fell twelve to one among 42 components of the index. BYD Company (HKG:1211) fell 14.3% as investors were dismayed by its quarterly report.

Aluminum Corp. of China (HKG:2600), one of the most oversold component of the Hang Seng Index (INDEXHANGSENG:.HSI), surged 5.5% while China Telecom (HKG:0728) rose 4.85 after releasing 2011 H1 interim results. Sinopec (HKG:0386), Asia's largest refiner, advanced 6.0%, the most among HKEx-NYSE cross listed stocks. Easing oil prices boost profitability for downstream oil companies. The rally was different in Shanghai. Financial stocks surged the most on the Mainland as investors expect an end to monetary tightening soon, while banking profits remained robust. China Construction Bank (SHA:601939), the third largest financial institution in China by assets, reported record quarterly profits on solid loan growth. But the rally was not limited to the sector alone. The Shanghai Composite Index (SHA:000001) is off 9% YTD, making stocks attractive on valuation. 

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Large cap Chinese ETF, the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) fell on Monday but outlook is different Tuesday morning. Each and every component of the Xinhua 25 China Index advanced in Hong Kong, boding well for the most liquid Chinese ETF. Small cap proxy Guggenheim China Small Cap ETF (NYSE:HAO) is looking just as good if trading in Asia was a proxy.

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