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HK advance but Shanghai careful before Slovak vote

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banace_3 October 11, 2011 (Chinavestor) Chinese stocks gained some merit in Hong Kong but remained cautious in Shanghai on Tuesday. The Hang Seng Index (INDEXHANGSENG:.HSI) rose 430.5 points or 2.4% after Monday's no-direction trading. China stocks pulled the broad index higher for the Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCEI) surged 4.37%. Chinese airliners got a support from lower oil prices as well as a strengthening Yuan. China Eastern Airlines (HKG:0670) surged 9.6% followed by larger rival China Southern Airlines (HKG:1055). Zijin Mining (HKG:2899), the largest Chinese gold miner, jumped 14.4%!

Mainland investors failed to express support for the market despite news that Chinese sovereign fund Huijin will buy domestic bank shares to support the market. Nevertheless China Life Insurance (SHA:601628) advanced 2.7%, the most among the 50 largest components of the Shanghai Composite Index (SHA:000001). But the plunge of China Shenhua Energy (SHA:601088), the largest coal miner in China, sent the rest of the industry in a tailspin. China Coal (SHA:601899) fell 3.1% while Yanzhou Coal Mining (SHA:600188) tumbled 4.92%.

Energy stock fell in Hong Kong as well. Petrochina Co. Ltd. (HKG:0857), China's largest oil company, fell 1.7% while Sinopec (HKG:0386), Asia's largest refiner, declined 1.0%. But most components of the Hang Seng Index (INDEXHANGSENG:.HSI) advanced. Not only did the Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCEI) surged but the advance was universal among Mainland Chinese industry leaders as well. All but three components of the Xinhua China 25 Index advanced highlighting the fact that the rally was well supported.

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