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HK stocks succumb to profit taking as G-20 meet

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sell_2 October 14, 2011 (Chinavestor) China stocks succumbed to profit taking on Friday before the weekend as European policy makers try to shore up finances of the continent. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 256.0 points or 1.4% on Friday. Mainland stocks led the decline in Hong Kong as is evidenced by the steep fall of the Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCEI). The index, measuring the performance of H-shares, fell 2.2% on Friday. Inflation stayed above 6%, prompting fears that more tightening is on the road despite shrinking lending. The Shanghai Composite Index (SHA:000001) shed 7.4 points or 0.3% on Friday.

Had it not been for index heavy weight telecoms and energy stocks, the Hang Seng Index (INDEXHANGSENG:.HSI) would have fallen a lot harder. China Mobile (HKG:0941) and Petrochina Co. Ltd. (HKG:0857), the two largest component of the index, advanced 2.7% and 0.5%, each. Sinopec (HKG:0386), Asia's largest refiner, rose 1.1% while China Telecom (HKG:0728) added 1.5%. Yaznhou Coal Mining (HKG:1171) was the fifth component of the Hang Seng Index (INDEXHANGSENG:.HSI) that advanced for the day. The decline as universal, all but five components of the 42 member index fell. As far as industry leaders are concerned, all but five components of the underlying index of the  iShares FTSE/Xinhua China 25 Index (NYSE:FXI) fell as well.

Investors locked in profits before the weekend in Hong Kong. Maanshan Iron & Steel (HKG:0323) and Angang Steel (HKG:0347) fell 8.2% and 7.4%, respectively after a 25.5% and 16.3% jump a day before. Chinese shipping lanes fell on profit taking as well. China COSCO (HKG:1919), the largest container shipping company in China, fell 6.7% after a 17.7% surge on Thursday.

All but five components of the 25 member Xinhua 25 China Index fell on Friday, boding ill for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). China COSCO (HKG:1919) and Aluminum Corp. of China (HKG:2600) led the index lower besides Zijin Mining (HKG:2899), China's largest gold miner.

pre_20111014

Performance of the Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCEI) is not necessarily indicative of Chinese ADRs on Friday. Strong earnings of Google.com Inc. (NASDAQ:GOOG) lifted investor sentiment and index futures point to a higher opening. This may help Chinese Internet stocks continue to advance. Sina Corp. (NASDAQ:SINA) surged as much as 18.3%, it second best daily gain in 2011 on Thursday.



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