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Hang Seng Jumps Most in Two Years

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advance_12 October 28, 2011 (Chinavestor) China stocks ended last week of October on a high note. The Shanghai Composite Index (SHA:000001) rose 37.8 points or 1.5% while the Hang Seng Index (INDEXHANGSENG:.HSI) advanced 330.5 points or 1.7% on Friday. While still optimistic, investors took profits in Hong Kong before the weekend after an over 10% advance during the week. The Hang Seng index (INDEXHANGSENG:.HSI) surged to over the 20,000 level thanks to a 1993.52 points or 11.03% advance in the last five days, the most in two years.

Airliners succumbed to profit taking while upstream oil companies fell following Sinopec (HKG:0386) and Petrochina Co. (HKG:0857) reports. China's oil producers gained on high oil prices but net income was dented for Sinopec (HKG:0386) and Shanghai Petchem (HKG:0338).

Mainland China stocks tailed the market in Hong Kong for the Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCEI) advanced 0.6% only on Friday. Large cap energy and telecom stocks were responsible for the lackluster performance on Friday.

Corporate earnings from China's largest internet company, Baidu.com Inc. (NASDAQ:BIDU), blew past estimates. The company reported a net income growth of over 80% YoY and the stock is trading up $10 in pre-market hours. BIDU's strength bodes well for the rest of the sector, NetEase.com (NASDAQ:NTES), Sina Corp. (NASDAQ:SINA) and the rest.

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