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China stocks lack direction mid September

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buy_sell_hold_icon September 15, 2011 (Chinavestor) Markets remained cautious in Asia despite a broad rally in the U.S. a day before. French and Germany leaders expressed strong support for Greece, helping avert a full blown fallout of Greece's debt problems. But that development did little to investors on the Mainland where the Shanghai Composite Index (SHA:000001) fell 5.8 points or 0.2%. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 136.1 points or 0.7%, half of what the DJIA did. China Life Insurance (HKG:2628) continued to recover along with China Unicom (HKG:0762) and Petrochina Co. Ltd. (HKG:0857) . Investors in Shanghai are looking for direction as monetary policy remains uncertain. China has lifted bank reserve ratios and interest rates several times this year when the resst of the world is yarnings for growth. Uncertain policies continue to hurt the Shanghai COmposite Index (SHA:000001), an index that lost 10% YTD despite stong corporate earnings.

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Chinese stocks helped lift the Hang Seng Index (INDEXHANGSENG:.HSI) for the day. All but five components of the Xinhua 25 Index advanced, testifying about the strenght of the rally among CHinese stocks. Energy stocks enjoyed a rally as price of oil and coal rose to a record for the month. Petrochina Co. Ltd. (HKG:0857) advanced 2.2% along with China Coal (HKG:1898). Yanzhou Coal Mining (HKG:1171) rose 1.7% twice as much as China Shenhua Enegy (HKG:1088).

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