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HK on fire but Shanghai lacks confidence

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Asia_1 November 4, 2011 (Chinavestor) Chinese stocks surged in Hong Kong on Friday, ending the week on a high note. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 600.3 points or 3.0% on Friday in a broad rally. Every component of the 42 member index rose except for one stock. Chinese upstream oil companies, Shanghai Petrochemical (HKG:0338) and Sinopec (HKG:0386), rose 9.7% and 8.3%, respectively following rumors that China will change refined oil pricing mechanism over the weekend. Yizheng Chemical (HKG:1033) surged 8.8%. Outlook for Chinese indices continued to improve, helping insurers on its wake. Chinese insurers, China Life Insurance (HKG:2628) and Ping An Insurance (HKG:2318), derive over 15% of their net income from investment related activities. When market outlook sweetens, investment income is on the rise for insurers. But investors remained calm on the mainland, sending the Shanghai Composite index (SHA:000001) 20.2 points or 0.8% higher for the day. Many expect policy makers to ease the grip of monetary tightening in the wake of slower inflation and manufacturing activity. But with so much uncertainty around, investors find it hard to believe that the bottom is near. 

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Looking at trading of components of key ETF in Asia on Friday, all but one stock of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) advanced.  This bodes well for the ETF ahead the opening bell. Besides Sinopec (HKG:0386) and China Life Insurance (HKG:2628), Aluminum Corp. of China (HKG:2600) did very well in Asia this morning.

Most components of the Guggenheim China Small Cap ETF (NYSE:HAO) advanced in Hong Kong as well.

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