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Earnings drive China stocks in Asia, Oct. 25

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economy_5 October 25, 2011 (Chinavestor) China Vanke (SHE:200002), the largest property developer in China, reported solid earnings for the quarter, easing fears that government clamp down on the sector would make it bust. Sound corporate earnings coupled with strong PMI manufacturing data from yesterday propelled the Shanghai Composite Index (SHA:000001) up 1.6% on Tuesday. The Monday-Tuesday combined advance is the best two day gain since last December. Stocks rose in Hong Kong as well on strong corporate earnings. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 196.4 points or 1.0% with two of the best components of the index out of mainland China. Sinopec Shanghai Petrochemical (HKG:0338), the largest ethylene maker in China, surged 8.6% on top of yesterday's 5% advance as outlook improved. CNOOC Ltd. (HKG:0883), China's offshore oil producer, rose 5.4%. But the advance was not limited to just a selected few names, stocks that advanced outnumbered those that fell five to one among the 42 member Hang Seng Index (INDEXHANGSENG:.HSI).

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