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China growth, resource rally lifts stocks in HK

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advance7 October 17, 2011 (Chinavestor) Chinese stocks soared in Asia following news that China's economic growth will be above 9% for the quarter. Investor confidence rose globally on hopes that Europe can and will puts its finances in order. The Hang Seng Index rose 372.2 points or 2.0% while its Chinese components, measured by the Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCEI), surged 2.8%. Investors remained cautious on the mainland where the Shanghai Composite Index (SHA:000001) rose a mere 9.0 points or 0.4%.

The rally was universal in Hong Kong for all but two components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) rose. Energy and resource stocks soared on hopes of a global economic recovery. Yanzhou Coal Mining (HKG:1171) surged 6.8% while China Shenhua Energy (HKG:1088), the largest coal miner in China, advanced 5.4%. Aluminum Corp. of China (HKG:2600), the largest Chinese aluminum maker, rose 6.7%  followed by Jiangxi Copper (HKG:0358).

pre_20111017

All but one component of the Xinhua 25 China Index advanced in Hong Kong, boding well for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). China Unicom (HKG:0762) outperformed the rest of the sector with a 4.5% advance. Zijin Mining (HKG:2899), China's largest gold miner, surged 4.7% as commodity and metal prices improved.

If trading in Asia can serve as a rpoxy for ADR trading, outlook is best for Aluminum Corp. of China (NYSE:ACH), Yanzhou Coal Mining (NYSE:YZC) and China Unicom (NYSE:CHU).



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