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Easing inflation lifts stocks in China

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Asia_2 November 2, 2011 (Chinavestor) News that China's inflation is slowing sent stocks higher in Asia. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 363.8 points or 1.8% in an afternoon rally similarly to the Shanghai Composite Index (SHA:000001). The advance was universal among large caps on the mainland where all 50 largest components of the index advanced. Most components of the Hang Seng Index (INDEXHANGSENG:.HSI) rose as well. Resource and shipping companies led the advance but BYD Company succumbed to profit taking after five days of sound gains.

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All but three components of the Xinhua 25 Index advanced, boding well for the most liquid Chinese ETF the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). Aluminum Corp. of China (HKG:2600) led resource stocks higher while China Railway Group (HKG:0390) extended October rally into November. The stock bounced back 80% in the last 30 days after hitting a 52 week low earlier in October.

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