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China stocks up in HK but fall in Shanghai

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bull_bear_3 August 29, 2011 (Chinavestor) Chinese stocks were mixed in Asia on Monday. China Petroleum & Chemical Corporation (HKG:0386) (NYSE:SNP), Asia's largest refiner by volume, reported a surprise 12% rise in profits sending it shares the highest among 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI). The index itself advanced 282.2 points or 1.4% led by upstream oil companies. Shanghai Petrochemical (HKG:0338) and Yizheng Chemical (HKG:1033) surged 5.6%, each. The rally was universal, stocks that advanced outnumbered those that fell three to one among components of the Hang Seng Index (INDEXHANGSENG:.HSI). But disappointing earnings continued to hurt China Life Insurance Corp. (HKG:2628) and Aluminum Corp. of China (HKG:2600).

But the picture was remarkably different on the Mainland. Financials stocks sent the Shanghai Composite Index (SHA:000001) 35.8 points or 1.4% lower fro the day after financial regulators ordered banks to put more reserves aside. Investors have hoped for an end to the tightening cycle but they got just the opposite. 

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Chinese ETFs ended last week on a high note, riding on the back of the DJIA. Outlook remains solid for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) for most of its components advanced in Asia on Monday. The rally was less universal among small cap stocks, as components of the Guggenheim China Small Cap ETF (NYSE:HAO) testify.

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If components of the Hang Seng Index (INDEXHANGSENG:.HSI) were proxy for ADR trading, outlook is best for China Petroleum & Chemical Corporation(NYSE:SNP) and Sinopec Shanghai Petrochemical (NYSE:SHI). Huaneng Power Int. (NYSE:HNP), Yanzhou Coal (NYSE:YZC) and China Eastern Airlines (NYSE:CEA) were among the best components of the Hang Seng Index as well. But Aluminum Corp. of China (NYSE:ACH) and China Life Insurance (NYSE:LFC) are bound to fall right at the opening bell.



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