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China stocks end week w/ no direction

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Asia_2 September 9, 2011 (Chinavestor) Chinese stocks ended a seesaw week on a low tone on Friday. The Shanghai Composite index (SHA:000001) was virtually unchanged while the Hang Seng Index (INDEXHANGSENG:.HSI) fell 46.2 points or 0.2%. Huaneng Power International (HKG:0902), one of the best performing China stock a day before, fell the most among components of the 42 member index. But China Unicom (HKG:0762) rose for the fourth day in a row as investors continue to show support for the company. China's second largest mobile operator surprised investors with its sound second quarter financials and 3G penetration. China Life Insurance (HKG:L2628) was the best performing China stocks in Hong Kong on Friday thanks to a 2.8% advance. Trading for the stock has been choppy since reporting second quarter financials and today's advance is still not all that convincing going forward.

China Life Insurance (SHA:601628) was among the best performing components of the Shanghai Composite Index (SHA:000001) as well. Financials and insurance stocks outperformed the broad index on Friday. China Pacific Insurance (SHA:601601) and Citic Securities (SHA:600030) advanced 1.7% and 1.4%, respectively. But industrial stocks suffered, SAIC Motor (SHA:600104), China's largest auto maker, fell 1.7% pressuring the rest of the sector.

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Most Chinese stocks listed in Hong Kong fell for the day as components of the Xinhua 25 China Index testify. China Communications Construction (HKG:1800) fell 3.87% followed by Huaneng Power Int. (HKG:0902), China's largest independent power generator. China Shenhua Energy (HKG:1088), the largest Chinese coal miner, fell 1.4% but Yanzhou coal Mining (HKG:1171) ended Friday in the black.

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If trading in Asia was proxy for ADR trading, outlook is best for China Life Insurance (NYSE:LFC) and China Unicom (NYSE:CHU) on Friday. Huaneng Power Int. (NYSE:HNP) and Chalco (NYSE:ACH) are expected to gap down.



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